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Ai0#V f gQ w^tfLEA5 - f t a ® tii, sE^rar d'y^ 1952 *5 ^ 3 / I' iHiOMMDUll I’Ull lllE~TTm^ * Xn answer to inquiries, U. E. Baughman, Chief of the U. S* Secret Service, ^flafluwv DcpoiHmi«»^ 'that plans have been completed to protect the President-elect when the results of^ are definite« J election Such protection is authorized by Title IB, U* 3« Code, Sec tion 3056, which also provides for protection of the President, the members of his immediate family, and the Vice President at his request* Two groups of Secret Service Agents have been umwfulfry selected to be near each of the candidates on November 4, but no contact will be made by the Secret Service with either candidate until the results of the election are known, Chief Baughman said* One group of agents in Springfield, 111*, will be in charge of Inspector Russell Daniel* The other, in New York City, will be in charge of Inspector E. A. Wildy. Both Daniel and Wildy are Secret Service veterans and members of Chief Baughman*s headquarters staff* Seme of the agents in each group have served on the regular White House Detail, and all have had experience and training in security and protective techniques* MAs soon as we are sure which candidate is the President-elect," the Chief explained, "we will consolidate the two groups of agents to furnish protection for him. The combined detail will then work under the direction of James J* Rowley, who is now Special Agent in Charge of the White House Detail* Under this plan, the President-elect will have essentially the same degree of protection as we provide for the President." For obvious security reasons, the number of agents assigned to the White House Detail and to the President-elect is confidential, Chief Baughman added. TREASURY DEPARTMENT Information Service WASHINGTON, 2 RELEASE AFTERNOON NEWSPAPERS, Monda y ? November 3 , 1952. Sr3215 In answer to inquiries, U. S. Baughman, Chief of the U. S. Secret Service, said today that plans have been completed to protect the President-elect when the results of Tuesday’s election are definite. Such'protection is authorized by Title 18/ U. S. Code^ Section 3056 / which also provides for protection of the President, 'the memoers of his immediate xamily, and the Vice President at his request. Two groups of Secret Service Agents have been selected to be near each of the candidates on November 4, but no contact ^ will be made by the Secret Service with either candidate until the results of the election are. known, Chief Baughman said. One group of agents in Springfield, Illinois, will be in charge of Inspector Russell Daniel. The other, in New York City, will "be in charge of Inspector E. A. wildy. Both Daniel and Wildy are Secret Service veterans and members of Chief Baughman s headquarters staff. Some of the agents in each group have served on the regular White House Detail, and all have had experience and training in security and protective techniques. "As soon as we are sure which candidate is the President elect,'1 the Chief explained, "we will consolidate the two^ groups of agents to furnish protection for him. The combined detail will then work under the direction of James J. Rowley, who is now Special Agent in Charge of the White House Decai3.. Under this plan, the President-elect will have essentially jfthe same degree of protection as we provide for the President,. ' For obvious security reasons, the number of agents assigned to the White House Detail and to t h e •President-elect is con fidential, Chief Baughman added. 0O0 Comparison of principal items of assets and liabilities of national banks - continued (in thousands of dollars) Sept. 5, 1952 Oct. 10, June 30. ; * 1952 ; 1951 Increase or decrease ¡Increase or decrease since June 30. 1952 :since Oct. 10. 1951 ¡Percent ¡Percent : Amount Amount LIABILITIES Deposits of individuals, partner ships, and corporations: 2.90 Demand....... ............. $53,075.8*5 $52,23^,586 $51,573,292 $841,059 1.61 $ 1 ,1*97.353 6.82 Time....................... 20,905, *+23 20,720,190 19.571,1*50 .89 1.333,973 1*5,233 2.65 -865,252 Deposits of U. S. Government.... 2,731,001* -23.58 72,520 3 ,668,776 2,803,52^ 8I .63 Postal savings deposits......... 561 I*.27 6,155 7.5!*o 13.695 13,131* Deposits of States and political subdivisions.................. -5.72 1*61,973 5 ,1*13,1*62 6,231,989 *.53 -356,55!* 5,875.^35 -2.28 8,657,187 Deposits of banks............... .81 -201,832 69,882 8,859,019 8,587,305 Other deposits (certified and 5.18 cashiers1 checks, etc.)....... 1,172,936 -23.52 57,71*6 1,115,190 ..... -360,771* 1,533,710 y S T Total deposits....... ..... -485)¿¿5 92,^97690 -.52 3 ,227,888 92.503,8^5 *9,275,957 Bills payable, rediscounts, and other liabilities for borrowed 1*2 ,01*6 money......................... 148,910 1 ,069,23s 618.04 920,328 1 ,027,192 2443.02 Other liabilities............... 12.80 1.18 1 .613J 65 1,632,851* 19,089 1.1*1*7.511 . 1*5.343 Total liabilities, excluding 560,436 9^,6^5,501 capital accounts.......... 95,205,937 90,*72,37* •59 1*,333,559 i*.77 CAPITAL ACCOUNTS Capital stock: 12,062 Preferred.... ................ -5U -1*7.61 -.85 , 6,373 6,319 -5.71*3 Common....................... 2 ,201.602 1/2,197,093 .21 i*.509 l3l.ol*7 2.070.555 6.33 Total..................... 2.207.921 ^ / 2 ,203,)-g 2.082.¿17 .20 67o2 125,304 ____ .**.1*55 Surplus......................... 21,2!0b ,3, i n , 879 '3,197,085 T7®Tt550 — $ r 179,535 5.95 Undivided profits............... 1/ 1 ,252,51^ 1,286,764 .74 1+3,805 3.50 9,5*5 Reserves........................ "•llllgl ____ 28* . m 2.242 270.007 .*5 -3,591 -1.33 Total surplus, profits, and reserves................... 4.06 ‘K 759.850 ^>*.692,597. l*.57l*.321 67.253 1.1*3 185.529 Total capital accounts....... i .o 4 i* .6 7 6.656.938 __ _____ 71,70* 6,967.771 _ 6,896,063 310.833 Total liabilities and capital accounts................... 102,173.708 101.51*1 ,561* .62 1*,61*1*.392 632.144 l*.76 97.529.316 RATIOS: Percent Percent Percent U.S.G-ovH securities to total assets......... ............... 3>*.2l* 3^.17 3Ml 32.67 32.16 NOTE: Minus sign denotes decrease. 33.06 Loans & discounts to total assets Capital, accounte -to total Aepoaite 7-53 T -U2 "7-A6 - - -- 1J Revised. / . . ./ .. „ _ . .TV-JLii Statement showing comparison of principal items of assets and liabilities of active national banks « as of September 5, 1952, June 30, 1952, and October 10, 1951 (in thousands of dollars) Sept. 5, 1952 June 30» 1952 Oct. 10, 1951 :Increase or decrease : Increase or decrease : since June 30. 1952 : since Oct. 10. 1951 JPercent Amount : Amount :Percent ^20 -.IS -5 Number of banks............. . ■,* •» *» 1 ASSETS $146,888 .96 Commercial and industrial loans $15,509,761+ $ 15,362,876 814,901,392 158,235 2.02 7,848,650 8,006,885 Loans on real estate.......... 7,1+19,939 4,406,036 i+,330,366 5 ,027,71+2 4.09 Consumer loans to individual#.. 197,376 Other loans to individuals: Single-payment loans of $3,000 1.31 and over................... . 1,515,761+ 19,923 1,353,510 1.535,687 All other loans, including 2.24 92.069 3 ,692,778 overdrafts................. V 107.813 4.199. «82 1.82 614,491 3 V 279,960 -33^ 65^+69 Total gross loans......... 31,773,655 1+95,061 1+12,50*+ . Less valuation reserves.. •58 2.853 1+97.911+ 6II .638 1.84 33.170.1+08 31.361!151 Net loans............. 33.782.w6 TJ. S. Government securities: 31+,971,610 3V 678 ,113 33,847,660 .85 Direct obligations......... 293.1+97 -4.666 -28.40 8,898 U .761 16.1+27 Obligations fully guaranteed 288,831 33,856,558.. •S3 Total Ü. S. securities.... 34.983.371 34.69V 5l+0 Obligations of States and 3.06 5,988,321+ 5,168,196 177,9^1 political subdivisions..... 5,810,31+3 Other bonds, notes, and de -2.06 -49,287 2,3l+l+,2Sl+ bentures ................... 2,380,837 2,393,571 Corporate stocks, including .47 187.240 stocks of Fed. Reserve banks 873 , 179.671... 188.113 1+18.398 ,97 Total securities.......... 43,504.092 43.085,694 4l.585.262 1,030,036 . 1.35 76.256.102 77.286.138 Total loans and securities. 72.91+6.1+13 -8786 -111,267 1,333,012 Currency and coin............ 1,145,096 i.25^35r 12 , 864,033 823,763 6.57 Reserve with Fed. Reserve banks 12,529,551 13,353,311+ -11.27 10.205.615 -1,150,518 . Balances with other banks.... 9.223.1+03 9,055,097 Total, cash, balances with other banks, including re serve balances and cash item -438.022 -1.83 in process of collection.... 23.553.5O7 23,991,529 23,420,448 I. 33V. 063 3.10 1 .162,++55 1+0,130 Other ass 1.293.933 .62 632,144 Total .io’2/iT J ! W ' 1Ô1*54TÎ5o4 97*529,316 621,706 4.08 7.91 14.11 182,177 13.46 507,101+ 2,506,305 ,85.1+10 ■ 2,420,895 13.73/ $608,372 586,946 7.89 20.71 7.72 3.32 1,123,950 2.863 1.126.813 32.18 3-33 820,128 15.87 -36,553 -1.51+ 8.1+1+2 1.918,830 V 339 ,725 -187,916 489,281 -168.306 133.059 171,608 4,644,392 .. V I Q — 4.61 5- 95.. -i4.io 3.80 -1.82 . -57 14.76 4.76 2 purpose of purchasing and carrying securities, and to hanks, etc«, amounted to $5*735*000,000, an increase of 2 percent since June« She percentage of loans and discounts to total assets on September 5, 1952 was 32«67 on June 30 in comparison with and 32« 16 in October 1951* Investments of the banks in United States Government obligations (including $12,000,000 guaranteed obligations) on September 5* 1952 aggregated $ 3^»98^,000,000, which was an increase of $269,000,000 since June, and an increase of $1,000,000,000, or 3 percent, since last October« She investments were compared to 35 percent nearly a year ago« 3^ percent of total assets, Other bonds, stocks and securities of $8,320,000,000, which included obligations of States and political subdivisions of $5,988,000,000, were $129,000,000, or lj percent, more than in June, and $792,000,000, or 10 percent, more than held in October last year. She total securities held amounted to $^ 3*500*000,000, an increase of $^18,000,000 since June, and an increase of $2,000,000,000 since last October« Cash of $1,1^5,000,000, reserve with federal Reserve banks of $13»35^*000,000 and balances with other banks (including cash items in process of collection) of $9,055*000,000, a total of $23,55^.000,000, showed a decrease of $^38,000,000, or 2 percent, since June, Borrowed money of $1,069,000,000 was up more than $1,000,000,000 since June. She unimpaired capital stock of the banks on September 5, 1952 was $2,208,000,000, including $6,000,000 of preferred stock« Surplus was $3,197*000»^' undivided profits $1 ,296,000,000 and capital reserves $267,000,000, or a total of $H,760,000,000. Sotal capital accounts were $6,968,000,000, or 7«53 percent of total deposits, compared to 7*^2 percent on June 30« treasury department /mriS Washington» D. C. for release,morning newspapers Press Series if The total assets of national hanks on September 5» 1952 amounted to more thp-n $102,000,000,000, it was announced today by Comptroller of the Currency Preston Delano* The returns covered the ^*927 active national banks in the United States and possessions* The assets were $632,000,000 more than the amount reported by the U,932 active banks on June 30, 1952* the date of the previous call, and were nearly $5 ,000,000,000 more than reported by the ^,9^7 active national banks as of October 10, 1951* The deposits of the banks on September 5 were $92,50°*°°0»000, a &®crease of $500,000,000 since June, and exceeded by $3,000,000,000 the amount reported in October last year. Included in the recent deposit figures were demand deposits of individuals, partnerships and corporations of $ 53,076,000,000, which increased $8^l,000,000 since June, and time deposits of individuals, partnerships and corporations of $20,905,000,000, which increased $185,000,000. Deposits of the United States (Government of $2,80^,000,000 were down $865*000,000, and deposits of States and political subdivisions of $5*875*000,000 were down $357*000,000 since June. Deposits of banks amounting to $8,657*000,000 increased $70,000,000. Postal savings were $1^,000,000 and certified and cashiers1 checks, etc., were $1 ,173*000,000. Net loans and discounts on September 5, 1952 were $33,782,000,000, an alltime high. 8 percent, They were $612,000,000 above the June figure and $2 ,500,000,000, or above the October 10 figure last year. Commercial and industrial loans as of the recent call date were $15,510,000,000, an increase of 1 percent since June, and loans on real estate of $8,007,000,000 were up 2 percent. Consumer loans to individuals were $5 ,028,000,000, an increase of k percent, and all other loans, including loans to farmers, to brokers and dealers and others for the | TREASURY DEPARTMENT Information Service WASHINGTON, D .C. 7I RELEASE MORNING NEWSPAPERS, Tuesday, November 4, 1952. The total assets of national banks on September 5. 1952 amounted to more than $102,000,000,000, it was announced today by Comptroller of the Currency Preston Delano. The returns covered the 4,927 active national banks in the United States and possessions. The assets were $632 ,000,000 more than the amount reported by the 4,932 active banks on June 30, 1952, the date of the previous call, and were nearly $5 ,000,000,000 more than reported by the 4 ,947*active national banks as of October 10, 1951« The deposits of the banks on September 5 were $92,500,000,000, a decrease of $500,000,000 since June, and exceeded by $3,000,000,000 the amount reported in October last year. Included in the recent deposit figures were demand deposits of individuals, partnerships and corporations of $53,^76,000,000, which increased $841,000,000 since June, and time deposits of individuals, partnerships and corporations of $20 ,905.?000 ,000, which increased $ 185 ,000 ,000 . Deposits of the United States Government of $2,804,000,000 were down $865,000,000, and deposits of States and political subdivisions of $5 ,875,000,000 were down $357,000,000 since June. Deposits of banks amounting to $8,657,000,000 increased f70,000,000. Postal savings were $14,000,¿00 and certified and cashiers’ checks, etc., were $1 ,173 ,000,000 . Net loans and discounts on September 5, 1952 were $33,782,000,OCQ an all-time high. They were $612,000,000 above the June figure and $2,500,000, ObO, or 8 percent, above the October 10 figure last sear. Commercial and industrial loans as of the recent call date were $15,510,000,000, an increase of 1 percent since June, and loans on real estate of $8,007,000,000 were up 2 percent. Consumer loans to individuals were $5 ,028,000 ,000, an increase of 4 percent, and all other loans, including loans to farmers, to brokers and dealers and others for the purpose of purchasing and carrying securities, and to banks, etc., amounted to $5 ,735 ,000,000 , an^increase of 2 percent, since June, The percentage of loans and discounts to total assecs on September 5, 1952 was 33-06 in comparison with 32.67 on June 30 and 32.16 in October 1951« Investments of the banks in United States Government obligations (including $12 ,000,000 guaranteed obligations) on September 5 , 1952 aggregated $34,984,000,000, which was an increase of $289,000,000 since June, and an increase of $1,000,000,000, or 3 percent, since last October. The investments were 34 percent of - 2 - 8 total assets, compared t o t35 percent nearly a year ago. Other bonds, stocks and securities of $8,'520 ,000,0.00, which included obligations of States and political subdivisions of $5,988,000,000, were $129,000,000, or 1-| percent, more than in June, and $792,000,.000, or 10 percent, more than held in October last year. The total securities held amounted to $43,500, 000,000, an increase of $418,000,000 since June, and*an increase of $2,000,000,000 since last October. Cash of $1,145,000,000, reserve with Federal Reserve banks of $13,354,000,000 and balances with other banks (including cash items in process of collection) of $9 ,055 ,000,000, a total of $23,554,000,000, showed a decrease of $438,000,000, or 2 percent, since June. Borrowed money of $1,069,000,000 was up more than $1,000,000,000 since June. The unimpaired capital stock of the banks on September 5, 1952 was $2 ,208,000,000, including $6,000,000 of preferred stock. Surplus was $3,197,000,000, undivided profits $1,296,000,000 and capital reserves $ 267 ,9°°,000, or a total of $4,760,000,000. Total capital accounts were $6, 968,000,000, or 7.53 percent of total deposits, compared to 7.42 percent on June 30 . 0O0 Statement showing comparison of principal items of assets and liabilities of active national banks as of September 5, 1952, June 30, 1952, and October 10, 1951 (In thousands of dollars) Sept. 5, June 30, Amount » -2 0 4,932 1951 IT,9n7 i 1mumber of banks.« »*••••••••••• ___ ±*Z. Oct. 10, H 1952 Leerease 10, 1952 ¡Percent ASSETS .96 $11-6,888 .»'15,362,876 ill},901,392 CoiTimercial and industrial loans $15,509,763 2.02 158,235 7 , 8 1 * 8,650 7 , 1 * 19,939 8,006,885 Loans on real estate..... 197,376 U .09 l*,1*06,036 It,830,366 5,027,732 Consumer loans to individuals•• Other loans to individuals: Single-payment loans of $3,000 1.31 19,923 1,515,761* 1,353,510 1*535,637 and over ••••. ¡»,..... •*•••*. All other loans, including 2.23 92,069 3,199,882__ It.107,813 3,692,778 overdrafts ...»*••••*•*•■••••• _______ l .~82~ W X 9 T T 3",65r , W 31,773,655' Total gross loans........ 33,279,960 1Ôtk 061 .58 Less valuation reserves... TTSIT 6 ll “IJ 7 i 7 o 73 oo 31 , 361,151 Leo loans.•«•••«•«•••••., 33,762,035“ U*. S. Government securities: .85 293. 31*,678,113 33,81+7,660 , 31*,971,610 Direct obligations 28.30 8,898 -3 11,761 16,1*27 Obligations fully guaranteed* --- 7ST 3E7&Ii,ZïïÔ 33,856,5 5 8 “ ““288 ' 31*V983T 3Ti Total U. S. securities.«... Obligations of States and 177 5,810,3i*3 5,168,196 5,988,323 political subdivisions••••••., Other bonds, notes, and de -49,287 2,393,571 2,330,837 2,3 4 ,281* bentures...... ...........• Corporate stocks, including 873 179,671 187 21*0 188,113 stocks of led. Reserve banks. 410 , 3 96¡97 33 , 5 o 3 , 09 2 43 , 065,694 4 l, 535 , 2 o 2 Total securities........... i,o3o,o35~~ 1.35 Total loans and securities.. 77,266,7735 76,2^ 6,102 72,9lI6,Jj-13 ------------------—111,267 Currfency and coin...... .1,lap, 0965 l723o,3o3 l,3i3,012 6.57 12,529,551 12,864,033 823,763 Reserve with Fed. Reserve banks 13,353,314 11.27 10 , 205,615 9 , 223,403 1 , 150,518 Balances with other banks...... 9 »055,097 Total cash, balances with other banks, including re serve balances and cash items -338,022 -1.83 23, .— 553.507 .991,529 3__ ,U20Ji*i*8 in process of collection. •••• — „— ____23 -^ ^____2_ 40,130 Other assets...... ......... .... 1>334,663" ___ 1, Total assets................ 102,173,766 101,531,563 __ , : Increase or‘ decrease : since Oct. 10, 1951 :Percent : Amount -20 - 3*5~ $608,372 1*.08 586,936 7.91 621,706 i3. n 182,177 13 .1*6 507,101* 2,506,505 13.73 7.89 " 85,i*lo " 27320X 5 “ 20*71 7.72 1,123,950 3.32 32.18 2»863 3.33 820,128 -36,553 8,332 1,9167830 "37339,7 23 -187,916 389,28l TÜ5l 79V -U*.10 3.80 168,306 -1.82 133,059 171,1*58“ l*,61}t*.392~~ t o t - .57 ']Ü7E. Comparison of principal items of assets and liabilities of national banks — continued U (In thousands of dollars) Increase or dec:rea.se :Increase or dec:rease ; June 30 * s Oct. 10* : since June 30* 1952 * since Oct. 10* 1951 Sept, 5* : :Pere ent iPe:rcent : Amouno # 1952 : 1951 s' Amount 1952 LIABILITIES Deposits of individuals* partnerships* and corporations: 2»90 1.61 31 ,1*97,353 : i5i,578,292 181*1,059 $52*23^*586 Demand.»*.•*••»••«•••«•••• *153*075*61*5 6.82 1 , 333,973 .89 185,233 19,571,1*50 20*720*190 Time a««.«. »• •• 20*905*423 72,520 2.65 -23 o58 -865,252 2 , 731 , 001 * 3*668,776 2,803* 5 > 2 i | . Deposits of U. S9 Government.8« 81.63 6,155 561 ^2 7 7,51*o 13*134 13*695 Fostal savings deposits»<>.•«. •« Deposits of States and political 8.53 1*61,973 -5.72 5,1*13,1*62 -356,551* 6 ,231,989 5,875,1*35 subdivisions .?>$«•©<>•«•»•♦•**** -2.28 -201,832 «81 69,882 8,859,019 8,587,305 8,657,187 L)0posits of banks Other deposits (certified and 57,71*6 -23.52 1*115*190 -36o *77U 1,533,710 1,172*936 --■—5.18 ^—/tv cashiers? checks* etc»)»*®.«* 3.62 0 *22(,boB -485*8U5 -»52 5057m - 97 ,909,890 - 59727FPFT j?O Gab d.6pOSl1^S Bills payable, rediscounts, and other liabilities for borrowed 618 «Olt 920,328 1,027,192 2,M 3 « 02 1U8*910 i|2*0l;6 1 ,069,238 12.80 1.18 185,31*3 19,089 1*4^7*511 1*613*765 1,632,85U Other liabilities•.*••••««•»**• Total liabilities, excluding 1*.77 It,333,559 560,1*36 90,872,378 .59 9i*,6i*5,501 capital accounts 95,205,937 CAPITAL ACCOUNTS Capital stock; -1*7.61 -5,7U3 12,062 -.85 -51* 6,373 6,319 Preferred« .............•. •. 6.33 .21 131,047 It, 509 1/2,197,093 2 ,070,555 2 ,201,602 6.02 125730 U " “ 720" U*U55 — 77207,921 “ T/772037I55— T * O B 2 * 6 X 7 5.95' 21*206 179,555” .67 5,017*550 3,197,085 3,175,879 .?U 3« 50 9,585 U 3 * 8 o 5 1*286*76U 1/1,252,54 1,296,3U9 Undivided profits -1.33 2 * 21*2 -3,591 .85 270*007 261*, 1 7 1 * . 266,1*16 Total surplus, profits* and U .06 185,529 1.U3 67,253 )*,571*,321 l/!*,692,597 1*.759,850 h.67 310*H53 '7 1 ,7 0 8 " -TToIf 6*896*063 --- 6 * ^ 5 6 ^ W Total capital accounts.*...» ' 6,957,771 Total liabilities and capital U*6M*392 U.76 »62 632 ,lUU 97*529*316 101,51*1,561* 102,173*708 Percent Percent Percent RATIOS; U#S#Govrt securities to total 3U.71 31*.17 NOTE: Minus sign denotes decrease . 32 .I0 32.67 Loans & discounts to total assets 33.06 l/ Revised# 7.U6 7 .1*2 Capital accounts' to total deposits 7.S3 <rp il B B 1 M S E S C H E I ® SBiSFAiSiS» Tuesday, November Uj Ì952» The Secretary of the Treasury announced last evening that the tenders for $1#300*000,000, or thereabouts, of 91-day Treasury bills to be dated November 6, 1952* and to mature February 5# 1953, which were offered on October 30, were opened at the Federal Reserve Banks on November 3* The details of this Issue are as follows t Total applied for * $2,116,288,000 Total accepted * 1,301,0Q3,000 Average price (includes $218,008,000 entered on a non-competitive basis and accepted in full at the average price shown below) ~ 99*51*6/ Equivalent rate of discount approx, 1*7965 per annum Range of accepted competitive bides High Low ~ 99*580 Equivalent rate of discount approx* 1*6625 per annum - 99*5W* » » » * « 1.801*5 * * (7 5 percent of the amount bid for at the low prioe was accepted) Federal Reserve district_______ Total Applied for Total Accepted Boston New fork Philadelphia Cleveland Richmond Atlanta Chicago St* Louis Minneapolis Kansas City Dallas San Francisco $ f 38,675,000 1,2*22*,371,000 2*6,793,000 36.376.000 21.050.000 30 ,867,000 277,098,000 2*2 ,260,000 12,30k,000 52*,056,000 2*8,79k, 000 TOTAL 29,050,000 753 ,121,000 30,51*8,000 28 ,876,000 18 ,325 ,0 00 29,555,000 213,250,000 31*,910, 000 12,30k,000 1*5,806,000 k0,09k,000 83,639,000 65,161*.ooo 12,116,288,000 $1,301,003,000 TREASURY DEPARTMENT Information Service WASHINGTON, RELEASE MORNING NEWSPAPERS Tuesday,.November 4, 1952. S-3217 T h e ■Secretary of the Treasury announced last evening that the tenders for $1,300,000,000, or thereabouts, of 9.1-day Treasury bills to be dated November 6, 1952, and to mature February 5. 1953. which were offered on October 30, were opened at the Federal Reserve Banks on November 3* The details of this issue are as follows: Total applied for - $2,116,288,000 Total accepted - 1,301,003,000 (includes $218,008,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99.546/ Equivalent rate of discount approx. 1.796/ per annum Range of accepted competitive bids: High - 99.580 Equivalent rate of discount approx. 1 .662% per annum - 99.544 Equivalent rate of discount approx. 1.804/ per* annum Low (75 percent of the amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Applied for $ 38,675,000 1,424,371,000 46,798,000 36 ,276,000 2 1 ,050,000 30,867.000 277 .098,000 4 2,26 0,00.0 12,304,000 54 ,056,000 48,794,000 ____ 83,639,000 $ 2 ,116 ,288,000 0O0 $ l— I TOTAL Total Accepted » 29,050,000 753.121,000 30,54.8,000 28,076,000 18 ,325,000 29,5 ^ 5,000 213.250,000 34,910,000 12.304.000 45.806.000 40,094,000 65,164,000 301 ,003,000 IMMEDIATE HEIEASE, Wednesday, November 5, 1952• 5 / Secretary of the Treasury Snyder announced today that tenders will be accepted on November 13, 1952, of bide to an issue of 210-day Treasury bills In the amount of #2,000,000,000, to be dated November 21, 1952, and to mature on June 19, 1953* These bills will be designated »Tax Anticipation Series» and will be acceptable at face value in payment of income and profits taxes due on June 35, 1953« Payment for such bills will be made in cash on the date of issue, except that any qualified depositary may make payment by credit in Its Treasury Tax and loan Account for Treasury bills allotted to It for itself and its customers up to any amount for which it shall bo qualified in excess of existing deposits, Formal invitation for tenders will be Issued on November 7, 1952, These bills are being issued to meet anticipated cash requirements of the Treasury} and to the extent that they are not presented in payment of income and profits taxes due cm June 15, 1953, they will be paid in cash at maturity. This offering ia being made pursuant to Secretary Snyder fe statement of September 2ii, 1952, at which time the secretary stated that the Treasury anticipated that further tax bills would be offered later In the year. EFBartelt/mhh TREASURY DEPARTMENT Information Service WASHINGTON, 14 IMMEDIATE RELEASE, Wednesday,, November 5* 19 5 2 . Secretary of the Treasury Snyder announced today that tenders will be accepted on November 13* 1952, of bids to an issue of 210-day Treasury bills in the amount of $2,000,000,000, to be dated November 21, 1952, and to mature on June 19, 1953* These bills will be designated "Tax Anticipation Series" and will be acceptable at face value i n payment of income and profits taxes due on June 15* 1953. Payment for such bills will be made in cash on the date of issue, except that any qualified depositary may make payment by credit in its Treasury Tax and Loan Account for Treasury bills allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits. Formal invitation for tenders will be issued on November 7> 1952. These bills are being issued to meet anticipated cash requirements of the Treasury; and to the extent that they are not presented in payment of income and profits taxes due on June 15, 1953* they will be paid in cash at maturity. This offering is being made pursuant to Secretary Snyder’s statement of September 24, 1952, at which time the Secretary stated that the Treasury anticipated that further tax bills would be offered later in the year. oOo - 3 - m m subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections k2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of the Revenue Act of 19^1, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. Ul8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. 1 :* 2 n m dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be (^penetjt at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on November 13. 19^2 * in cash or other immediately available .. .. -*■ ■ funds or in a like face amount of Treasury bills maturing November 13. 1952 > ~~a§§§: Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be £BKB& TREASURY DEPARTMENT Washington 3 2- FOR RELEASE} MORNING NEWSPAPERS, Thursday, November 6, 1?£2 The Secretary of the Treasury, by this public notice, invites tenders ^cr #1,500.000.000 , or thereabouts, of 92 -day Treasury bills, for cash and in exchange for Treasury bills maturing the amount of $1,500,759,000 Hoyamber 13. 15>g2 , to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated , in . November 13. 1952 The bills and will mature when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of #1,000, #5,000, #10,000, #100,000, #500 ,000 , and #1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o'clock p.m., Eastern Standard time, Monday. Movember Tenders will not be received at the Treasury Department, Washington. 10. 1 Each tender must be for an even multiple of #1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TREASURY DEPARTMENT Information Service RELEASE MORNING NEWSPAPERS, Thursday, November 6, 1952. WASHINGTON, D .C . 18 S-3219 The Secretary of the Treasury, by this public notice, invites tenders for $1,500,000,000, or thereabouts, of 92-day Treasury bills, for cash and in exchange for Treasury bills maturing November 13, 1952, in the amount of $1,500,759*000, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated November 13* 1952, and vii11 mature February 13, 1953* when the face amount will be payable without interest. They wll be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, November 10, 1952. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case o •p competitive tenders the price, offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be openel at the Federal Reserve Banks and Branches, following which public announce ment will be made by the Secretary of the Treasury of the amount and price range of accepted bids, Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, ns, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three 2 decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on November 13* 1952, in cash or other immediately available funds or in a like face amount of Treasury, bill maturing November 13, 1952. Cash and exchange tenders 'will'receive equal treatment. Cash adjustments will be made, for differences-'..:., between the par value of maturing bills accepted in exchange arid the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment,- as such, under the Internal Revenue Code, or laws amendatory or supplementary' thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter Imposed on the principal orinterest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amended by-Section 115 of the Revenue Act of 1941, the amount' of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consid eration as capital assets. Accordingly, .the owner of Treasury bills (other than life insurance' companies) issued hereunder need^ include in his income tax return'only the difference between-the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received cither upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 4-18, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. oOo - 3 - be exempt from *11 taxation now or hereafter imposed on the principal or in terest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest» tinder Sections b2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of l?Ul, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on sub sequent purchase, and the amount actually received either upon sale or re demption at maturity, or the amount of income or profits taxes paid by means of the bills, during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular So, bid, as amended, and this notice, pre scribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch» 2 * payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorpo rated bank or trust company* Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids* Those submitting tenders will be advised of the acceptance or rejection thereof* The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final* Subject to these reservations, non-competitive tenders for # 200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted compet itive bids* Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank in cash or other imme diately available funds on November 21, !9 $ 2 9 provided, however, any qualified depositary will be permitted to make payment by credit in its Treasury Tax and Loan Account for Treasury bills allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits when so notlfed by the Federal Reserve Bank of its District* The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto* The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall Vo RELEASE MORNING NEWSPAPERS, Friday, November 7» 195?« The Secretary of the Treasury, by this public notice, invites tenders for #2,000,000,000, or thereabouts, of 210-day Treasury bills, to be issued on a discount basis under competitive and non-competitive bidding as herein after provided. The bills of this series will be designated Tax Anticipation Series, they will be dated November 21, 1952, and will mature June 19, 1953« They will be accepted at face value in payment of income and profits taxes due on June 15, 1953, and to the extent they are not presented for this purpose the face amount of these bills will be payable without interest at maturity. They will be Issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1 ,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o 1clock p.m., Eastern Standard time, Thursday, November 13, 1952. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of compet itive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925» Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognised dealers in investment securities. Tenders from others must be accompanied by TREASURY DEPARTM ENT M g Information Service RELEASE MORNING NEWSPAPERS, Friday,, November 7* 1952. WASHINGTON, D .C. S-3220 The Secretary of the Treasury, by this public notice, invites tenders for $2,000,000,000, or thereabouts, of 210-day Treasury bills, to be issued on a discount basis under competitive and non competitive bidding as hereinafter provided. The bills of this series will be designated Tax Anticipation Series, they will be I dated November 21, 1952, and will mature June 19* 1953. They will be accepted at face value in payment of income and profits taxes due on June 15, 1953* and to the extent they are not presented for this purpose the face amount of these bills will be payable without interest at maturity. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). I Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o'clock p.m,, Eastern Standard time, Thursday, November 13, 1952. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99*925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the | special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an 'incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, j non-competitive tenders for $200.,000 or less without stated price from any one bidder will be accepted in full at the average'price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank in cash or other immediately available funds on November 21, 1952.» provided, however, any qualified depositary will be permitted to make payment by credit in its Treasury Tax and Loan Account for Treasury bills allotted to it for itself and its customers up to any amount for which it shall be qualified in excess of existing deposits when so notified by the ; Federal Reserve Bank of its District. 3 The income derived from Treasury bills, whether interest or I gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary | thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt I from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (l) of the Internal ; Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of I Treasury bills (other than life insurance companies) issued here■ under need include in his income tax return only the difference | between the.price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity, or the amount of income or profits taxes paid by means of the bills, during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 4l8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. world, requires a oie leaders. It requires men of sa i11 and courage, vision and character. ' Such men are being developed i| this Academy-. They will be equal to the responsibilities placed upon them when they become if] - the leaders o 1 tomorrow. I am deeply honored that curse to know the United ¿tales ¿ 0 •*$t Guard as one of the most modern of the A»er ican Services, alone. 'take lor an Today there are 36 lor an stations, some of the® in the United States, and others in such widely separated localities a® Greenland, Labrador, Newfoundland, alasKa, the Philippines and other islands of the Pacific, liay and a i ...iit they provide placed in tne Coist ~uä rc* &nd =■iïfl the* ô u tilr t j»& o f »a.f » the ter ine- Iriso« et tofi ..er v !c ® was asilieci ta its o t h e r i li í re II íi lid i í A m. M. M i 4» I R * «á V i9 a 11 'o i (ja o p é r â t i p fií ha v i seen §yppieß*e nt«ti and aaplìfied by *- V i «fe S r « «c u e m fi » »& ü# ïfidôs %U umt « » s ttin à ir **i a** tar ihe m á#ti is % her r e p o r I tonai « s e i s t a n c o . ; %i %,t-Î# IliI í © «,» s t t i sil s e r v i t « ti r * | n carici f%(f$kM ! * I *P ' first roqu«8t®d those ten revenue cutter®. 3ut HswiXton could not possibly have foreseen the extent anP scope of Coast iuird activities ■ today when h® founded the Revenue Mar tno »or# than 160 years ago. The .Coast 1 yard has kept stop with the growing needs of the country. Even recent years have seen dramatic changes and i l ¥ i i W in yaur Service. In 1939, the Lighthouse -Service was 4*W Q'g «ilVJ 4, i P a that ifu Il i I ri © I i i í ® its r o i # MI i e iV i WM B tú pfÔWJlt# I# per UO¡*St vi OtViiitn É 1#*& , £ ■ '$ C ;7 ;f i Sf> H ■ T # »1 • ho ■MM' ÉË ft 11 « È? 0& ê0. -'*§*• Ii » 1 « W led Ihi ìn © I »li Act i V* I f i J«,fi»A fir § I#*H ♦ © # IIÔ 0 X Q Q Q y. I“ £# Aetiiisy stH p . ÉiW' it'ftBI w* It #%■ #* t,;i. «,£# m P ^ iü || ff t" I n ts| Sri?ft %î ft tu» f n * n g 1# É11 PfeÄ ’ ■ If# #It W 8 y i m.,& # <» s1 c m I¡S m JftftMI fff ■# |«1 #| W \i "V stötts ru co if the y g p ar twant in 1/63, ver y b e g i n n i n g of f.j.CiX S;flw 8 f 10M t f’r.t n e e d i 1$. fift i 1 for ur y it t h a our country, p O I »* •' employ m g ar st§4' cutters to s t f «guarcï the F a «ferai r avenu® contraband. against Through 4ittrKtint4 o f f e r t s , wore made for cut tor ?? to ha tft! c u s t o m s Oiit tan of M s appropriât those • a s s i9no d to officers trow § lesson, that lesdership draws its strength from those it M l is wo Itlit and m-W-ftMi# ithout into11I§#ftf follower® If you n 8Si %$■w if then the Coast Guard, through otdet corps tra tned at this Academy, has dons its part toward preparing the loaders of tomorrow. as w w » Secretary of the Treasury. I k^ow from my own experience a crushing GoraßHifMSi defeat l e a d e r s . m IT § ìr i 1% 9 h% Q m muc H è#â i^ i* - § f1 3no&i c «nil tu m ww 10? Wk iif fi n 3# is «.li« S í5 B I ¥ w.e ii re -c rta ti t t IÜ# ô fly yI f i) ir I XI 8 ft lìéVli LÜ draw i n i ■§■ S B HIm i r»9 t0<iftthftr fo r' th# 0 ttfpli# g o o fi an cuuntr y your Ci Y* it 13 Ä *ârfey j & & i>.•■JL 'á-.ur f tQ É C 0 <tS t 011€if 8 ■?eatíesy. 1#yi:II!fe tU t Ö § € S Éi U f f r # s . y r y i ri i d 4 fc, f i'tfO i M t© h e r e S¡Q ei ilil -t i «*e au n îsö i r Ü s oid sri i Si,4V fs « e i r ii i re î r*»■#> % iy • nd t lï:i c a d e t urps, and t never ® rs fi « ri y pú i ÍÍII il tr« à,aa ift I fill dS »* The fo llo w in g address by S e c r e ta r y Snyder a t a S e c r e t a r y ' s Dayw luncheon fo r th e Cadet Corp» of the United S ta te# Coast Guard Academy, New Lmèon, CoBn^'is^'s dieduled f o r d e l i v e r y a t 1 p.m. EST S atu rday, Nov« 8, 19 5 2 , and is / O u oC.- for r e l e a s e a t t h a t tim e * ..... IHm........ . ... TREASURY DEPARTMENT Washington The following address by Secretary Snyder at a '’Secretary’s Day” luncheon for the Cadet Corps of the United States Coast Guard Academy, New London, Connecticut, is scheduled for delivery at 1:00 p am# EST, Saturday, November 8,' 1*9^5 and is for release at that time« It is always a pleasure to come to the Coast Guard Academy# Since I became Secretary of the Treasury in 19U6, I have enjoyed so many visits here that I feel almost like an nold grad" when I return# I have a warm spot in my heart for the Coast Guard Academy and the cadet corps, and I never miss an opportunity to visit with you# So once again I thank you for your cordial hospitality# It is always inspiring to meet with the young men here who very shortly will become part of the corps of highly trained and competent officers responsible for the performance of the Coast Guard Service# I have been very much impressed by the caliber of the men who have entered the Academy and by the splendid work that is being done here, and I am sure that the training which centers at this Academy will be the source of an even more efficient and more effective Coast Guard Service in the future# One special reason for my deep interest in the success of the Academy is this Nation’s urgent need for trained men who can qualify as the leaders of tomorrow# You will recall that President Truman stressed this need for leadership when he spoke to you here in September# Why is this so? The ansxfer is simple# Our country’s need for competent and effective leaders has never been greater than it is today, because the problems with which we are faced have never been greater# The principles of democracy on which our country was founded, the free institutions which underlie our economy — in fact, all that our country stands for is threatened# I doubt that any of our people now have any illusions about the desire of the communist leadership to uproot and destroy freedom wherever it exists# How long this threat will menace us we cannot know$ but we do know that so long as it does exist, we must combat it with all the spiritual, economic and military force we can muster# This Nation and its allies have made significant progress in re creating a powerful military defense# We have, at the same time, maintained a strong and growing economy, drawing its strength from a free people work ing together for the common good# The continued strength of our democratic system is, in the final analysis, our most powerful weapon against communism# S-3221 - 2 - 49 So I say that continuing soundness of our economy is a crushing defeat for the communist leaders, It is also the ultimate hope of all of the free nations and of the millions of freedom-loving people behind the Iron Curtain who look to this country for leadership« Here at Mew London,, it seems to me that you are learning two lessons* The first is the constructive lesson of teamwork and discipline — for the greatest leaders are those who first learn to be intelligent followers« You are also learning here* as your second lesson* that leadership draws its strength from those it leads and that it is worthless without intelli gent followers« If you learn these lessons.well* then the Coast Guard* through its cadet corps trained at this Academy* has done its part toward preparing the leaders of tomorrow. As Secretary of the Treasury* I know from my own experience that a great deal is expected of a Coast Guard officer* and. I know from observation, that an ofiicer of the Coast Guard ably and loyally meets his responsibilities and discharges his many duties* The Coast Guard is one of the oldest branches of the Treasury and its roots are in the roots of Government itself. Only six months after the establishment of the Treasury Department in 1789* at the very beginning of our country, Alexander Hamilton pointed out the need for employing armed cutters to safeguard the Federal revenue against contraband. Through his determined efforts* appropriations were made for ten of these cutters to be assigned to the customs officers from Massachusetts to Georgia, From these humble beginnings* the Coast Guard has grown to its present full stature, As statutory head of the Coast Guard* I am often asked just what are the responsibilities of the Coast Guard, Its long list of official duties is an impressive tribute to the trust which the Nation has placed on the Service« Among its host of regular duties* the Coast Guard patrols the coast, provides navigational aids to maritime commerce and to transoceanic air commerce* and operates the extensive communication system which coordinates all rescue agencies« It provides emergency services _ assistance where tiagedy threatens* or to prevent mishaps that would result in disaster. In every war, the Government has been fortunate to have this well trained and disciplined force at hand* ready to provide a highly specialized service in the Navy simply by the issuance of an Executive Order by the President. Your proud motto of **Semper Paratus,! was well chosen* for you have always been ready to respond to every call of the American people. The Coast Guard occupies a peculiar position among the various branches of the Government in that its role is both civilian and military. It was to provide Coast Guard personnel with both the civilian and military train ing needed, that this Academy was established. The Academy had its real beginning in 1877 as a training ship. The first class had only nine cadets. In 1910* the training school was moved to New London; and in 1932* the cadets occupied the Academy's present buildings. - 3 - Today, you of the Coast Guard have one of the finest educational plants in the Nation, and further improvements are under way0 Today, more than $00 cadets are being trained in a program that, under authority of an Act of Congress and the Association of American Universities, leads to the academic degree of Bachelor of Science» Truly, times have changed since Alexander Hamilton first requested those ten revenue cutters«, But Hamilton eould not possibly have foreseen the extent and scope of Coast Guard activities today when he founded the Revenue Marine more than l60 years ago» The Coast Guard has kept step with the growing needs of the country* Even recent years have seen dramatic changes and advances in your Service* In 1939* the Lighthouse Service was placed in the Coast Guard and with the outbreak of war, the Marine Inspection Service was added to its other responsibilities© Navigational aid and life saving operations have been supplemented and amplified by such devices as radar, loran, raconj by such methods as- the air-sea search and rescue teamsj and by an ocean station service for weather reporting, navigational aid and emergency assistance* The world itself has come to know the United States Coast Guard as one of the most modern of the American Services* Take loran alone* Today there are 36 loran stations, some of them in the United States, and others in such widely separated localities as Greenland, Labrador, Newfoundland, Alaska, the Philippines, and other islands of the Pacific* Day and night they provide navigators of all nations traversing the military and civil air and sea routes of the North Atlantic and the Pacific Oceans with means for accurate and quick determination of their positions, regardless of weather conditionse So, while the march of science has gone ahead at such an astonishing pace, the Coast Guard, utilizing all of its accumulated knowledge of more than a century and a half of service, has kept pace in adopting the new • techniques made possible by the latest scientific developments. I hope this always will be so, and it is. for this reason that I have been so proud of this Academy and of the educational program that it undertakes* To preserve our own country and to preserve democracy, both here and throughout the world, requires able leaders. It requires men of skill and courage, vision and character. Such men are being developed at this Academy* They will be equal to the responsibilities placed upon them when they become the leaders of tomorrow* I am deeply honored that you have designated today as Secretary’s Day. This is a personal tribute which I shall warmly cherish in the years to come as I recall my many interesting, constructive and inspirational associ ations with the officers and the cadet corps of the United States Coast Guard* 0O0 J iS ^S\ j ^ RELEASE MORNING NEWSPAPERS, Tuesday, II, 1952. November n 0 2j ^ " The Secretary of the Treasury announced last evening that the tenders for $1,500,000,000, or thereabouts, of 92-day Treasury bills to be dated November 13, 1952, and to nature February 13, 1953# which were offered on November 6, were opened at the Federal Reserve Banks on November 10. The details of this issue are as followss Total applied for «* $2,222,822,000 Total accepted - 1,500,752,000 (includes $239,51*6,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99*529/ Equivalent rate of discount approx. 1.81*3$ per annua Range of accepted competitive bides High • 99.560 Equivalent rate of discount approx. 1.722$ per annum - 99.525 11 * * * * 1.859$ * tt Low (23 percent of the m o u n t bid for at the low price was accepted) Federal Reserve District Total Applied for Total Accepted Boston New fork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1 $ Total 19,573,000 1,555,528,000 3k,666,000 51,200,000 20,2kS,000 30,232,000 233,1*81,000 5k, 211,000 15,155,000 k6,6ks,000 57,375,000 10k,508,000 $2,222,822,000 16,033,000 90k,933,000 18,896,000 k9,815,000 18,k75,000 30,232,000 20k,321,000 52,671,000 15,155,000 k6 , 6 ks,0 0 0 k6,065,000 97,508,000 $1,500,752,000 52 RELEASE MORNING NEWSPAPERS, Tuesday, November 11, 1952. S-3222 The Secretary of the Treasury announced last evening that the tenders for $ 1 ,500, 000,, 000j or thereabouts, of 92~day Treasury bills tp/be dated November 13, 1952, and to mature February 13 , 1953, which were offered on November 6 , were opened at the Federal Reserve Banks on November 10. The details of this issue are as follows: Total applied for - $2,222,822,000 Total accepted - 1,500,752,000 (includes $239,546,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 9 9 .529/’Equivalent rate of discount approx. 1.843$ per annum Range of accepted competitive bids: Hi&h - 99.560 Equivalent rate 1 .722$ - 99.525 Equivalent rate 1.859$ Low of discount approx. per annum of discount approx. per annum (23 percent of the amount bid for at the low price was accepted) Federal Reserve ________ Boston New York Philadelphia Cleveland Richmond Atlanta Chicago Total Applied for $ 19,573,000 1,555,528,000 34.666.000 51.200.000 20.245.000 3 0 .232.000 233.481.000 54.211.000 15.155.000 46.648.000 57.375.000 104.508.000 St. Loui s Minneapolis Kansas C it y Dallas San Francisco TOTAL $2,222,822,000 0O0 Total Accepted $ 16,033,000 904.933.000 18 ,896,000 49.815.000 18.475.000 30.232.000 204.321.000 52.671.000 15.155.000 46.648.000 46.065.000 97.508.000 $1,500,752,000 - 2 - *eau “In Idition to collecting and recording these taxes, the investigates a large number of them in checks the accuracy of reti detail, collects billions In taxes not voluntarily reported ancf makes refunds owl overpayments running into billions. “Thafb is still not tfie last of the Aireau*s duties. It ,s additional tasks sucih as issuing permits for distillers and the manufactu e of firearms, anil the.supervision of various angj.es of the alcoholic leverage business “It is the largest/bureau of the Treasury Department* largest# in the entire (government, id one of the “that we are to db here today is ring up to date the trueture and the operating procedures of this very ital arm of the Govs nnjent, y JLLiU Territory to the people if the _furrr jJas-Seaitie District, and to their lfccal officials, »precitation oilyour hospitality and of the cooperati in which we have arranging foq this ceremony want to expr ig^-AlJgkn j “We have had milar cooperation in every locality m ere these illations have taken place* This signifies to me tha the improved lectures, the fo ward-looking persoijnel policy, the adv need design for fating efficien■<y> and the ’builimm assurances of ti istworthy performwhich the Reoi unization Plan prc viides have won full oublic confidence. “It is my fir^i belief that this p iblic confidence wi 1 orove well plated.” Under Secretary Foley introduced Secretary Snyder as the chief speaker. He referred to Secretary Snyder as “the man who motivated re organization of the Revenue Service from the very start, and whose guidance, inspiration and firm resolve saw it through to accomplishment,” oOo - 6 - *2 every locality where these installations have taken place. This signifies to me that the improved procedures, the forward-look ing| personnel policy, the advanced design for operating efficiency, and the £ . . built-in 4 as; urartcee of trustworthy performance which the Reorganization Plan provides have won full public confidence. W it is my firm belief that this public ■ confidence will prove well placed. // "v yfhe man who motivated / r of Revenue Service se guidanye, reso/ve saw \ j f r o m the very ftw®rtt inspiVa^ion and firm through to accomplishment 52 it is the largest bureau of the Treasury Department, and one of the largest in the entire Government. 'What we are to do here today is bring! up to date the structure and the operating! procedures of this very vital arm of the Government. ^ I want to express to the people of the three States comprising the Philadelphia District, and to their local officials. our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony. Vv We have had similar cooperation in ¡y corpora excises on 2 8B one of the most progressive steps in good government in the history of this country. As you know, the Reorganization Plan now being placed in effect received a few months ago the overwhelming approval of the Congress. Your support of it, as indicated by your presence here this morning, is gratifying to all who have had a hand in making this action possible. ^ The manner in which the Bureau of Internal Revenue functions is of direct concern to every taxpayer. Its activities affect the welfare of the t a x p a y er ^ /tÎClHKr /p tfUtw* ï r S J e<? 0O ''On behalf of the Treasury Department, ■ I want to welcome all of you warmly to the!I proceedings, the purpose of which is to institute for the States of Pennsylvania, Delaware and new Jersey, a basic improvement in the organization and method! of the Bureau of internal Revenue \\ These three States form a region which for purposes of Internal Revenue service administration will be known hereafter as the Philadelphia District. The act ion which we are taking to reorganize the Revenue service embodies ^ ofH? TREA SU RY DEPARTM ENT WASHINGTON, D .C Information Servie* 'Thy' / 7 ^ Under Secretary of the Treasury^ ceremonies at the Health and Suiciwe-^ ___ __for the installation of A e reorganized Internal Revenue Service for, Washington,- ^ Montana a.nd the Territory of A1 uötobei' 31 ‘ of thel Treasury Department* I wantjto welcome all of you > r>r*nop.ZrH nvs. the ourtJbse of which L b to institute for the .d methods of the Bureau which we are taking to reorsfenize the Re-^nue Service i me most progressive steps iA good goverrment in the history being placed in / As you know * the Reorgani ration Plan njpw f a l h. few months /ago the overwhfilming appro- of the Congress, it, as indicated by your pi esence here jrhis morning, i^y .1 who have Mad a hand in rfeking this action possible, / / • in which the Bureau of External Revenue functions is of io every taxpayer. Its activities af #ect the welfare of government Ja.s well as th® financial aj airs of the taxpayer i*ore, it il very much tc/ the taxpayep *s interest that we .are r a new aria better mann.dr of administering the Revenue / If “The duties of the ,ax reports of -tens .ing of (tax returns .ts taxis, the exci: • items! the taxes < T R E A S U R Y D E P A R T M E N T _________ Information Service FOR RELEASE 10:00 A.M. EST Wednesday, November 12, 1952, Wa s h in g t o n , d .c S-3223 Philadelphia, Pa., November 12 — Under Secretary of the Treasury E. H. Foley said today, in opening ceremonies at the Philadelphia High School for Girls for the installation of officials of the reorganized Internal Revenue Service for Pennsylvania, New Jersey and Delaware: "On behalf of the Treasury Department, I want to welcome all of you warmly to these proceedings, the puxnpose of which is to institute for the States of Pennsylvania, Delaware and New Jersey, a basic improvement in the organization and methods of the Bureau of Internal Revenue. "These three States form a region which for purposes of Internal Revenue Service administration will be known hereafter as the Philadelphia District. "The action which we are taking to reorganize the Revenue Service embodies one of the most progressive steps in good government in the history of this country. As you know, the Reorganization Plan now being placed in effect received a few months ago the overwhelming approval of the Congress. Your support of it, as indicated by your presence here this morning, is gratify ing to all who have had a hand in making this action possible. "The manner in which the Bureau of Internal Revenue functions is of direct concern to every taxpayer. Its activities affect the welfare of the taxpayer’s government as well as the financial affairs of the taxpayer himself. Therefore, it is very much to ihe taxpayer’s interest that we are now inaugurating a new and better manner of administering the Revenue B u r e a u ’s responsibilities "The duties of the Bureau involve not only receiving and processing the tax reports of tens of millions of Americans each ^ear> but also the handling of tax returns from proprietorships and corporations, excess profits taxes, the excises on cigarettes and Uquor and jewelry and many other items, the taxes on the gains of gamblers, and a long list of other levies. 62 - 2 - In addition to collecting and recording these taxes, the Bureau checks the accuracy of returns, investigates a large number of them in detail, collects billions in taxes not voluntarily reported and makes refunds on overpayments running into billions. “That is still not the last of the B u r e a u ’s duties. It has additional tasks such as issuing permits for distillers and the manufacture of firearms, and the supervision of various angles of the alcoholic beverage business. It is the largest bureau of the Treasury Department, and one of the largest in the entire Government. "What we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the Government, i want to express to the people of the three States comprising the Philadelphia District, and to their local officials, our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony. We have had similar cooperation in every locality where these installations have taken place. This signifies to me that the improved procedures, the forward-looking personnel policy, the advanced design for operating efficiency, and the ’built-in’ assurances of trustworthy performance which the Reorganization Plan provides have won full public confidence. "It is my firm belief that this public confidence will prove well placed. Under Secretary Poley introduced Secretary Snyder as the chief speaker. He referred to Secretary Snyder as "the man who motivated reorganization of the Revenue Service from the very start, and whose guidance, inspiration and firm resolve saw it through to accomplishment. 0O 0 iSS - ill0 til Itfi to « 1 1 i »or», with I a «s n a n e. £, tt I f o d o r ions f r a « thi s ragion in the past ra' to % I» f*J1LIjPs %tPfg * to %$r : w ■¿ * %t h i iW*|#01it of t h o W M tv#nu# i § 0 1 I y 11S • much s a t i s f u c t u the enterprising IUÜ 3 rr w | y u I f*f i y* f raw sin$, if p sio II <e* m §• cono®io propri»S3 <# this r»9 ■I# id ^ n #1%'® Hi« inear»® P|® IS dividual* in tr a r e a h a v e a l P U S t t r i p l e d year alone, there was a 10 percent increa*e aver ip © v i o u s y e a r . Las' \\ Moreover, this region is growing in economic power and productive might every year. An outstanding example which is currently attracting Nation-wide attention is the construction of the huge Fairless steel mill, with its new incustrial community, some 25 miles up the Delaware River from Philadelphia. Now nearing completion, this mill will tnaaeur« up t a u v e r y t £I f conduü l # r v i fei w IM ' !t 4 * venu® s t r t iw lin in Sa f^uH' Uff afians t §f htve i i u n t r v 111 ©fi §&% ®f ssployet oonduat« iiKf Jy f t # ©i Iminete the tswpt a t ians ta wh i ch SOU® ©B*piay#@8 frtvt ©ycouwbtd in tn t p a s t . Th®re h t* Iitn «stabiish«d an indépendant 1fcfilp IIC*1t1an ':‘- urvi©st undar tho chraot i;f n of siîothtsf• Aatiittnt Ç Q M M i © 8 Ì«ner, whieb w i il «i intiin i panati nt chtck an «Splftff# PS i / - O istr¡ct Uo®fii ss ioner ss ioner I / 3 YY established in fhiladel,ohi o1 6 of ti is tri et Comi» issi oner. is a new posi 1ion in isir LOi ,;rt Í S $ jr ; r t o r g i ftization TU the Director, r tí representative, «i T4. V M * ng of ail Federal St I tax matter %» convent I repr §i «#1 »Jib o Ift vfl i %Jk * l o c a t e d A w i1 ir% o 1 1 i0 i S íi 11%at pf v3s tor py rposes of general sr v i s i o n anti c o o r d i n a t tv o 1 s u p e r v i s i o n . two y irectors o f internal with offices in Camden and F i t 0■ :# I t r i H # ¥ # fl UW 1 t h è II ! f t 5 X t üfI*M é i É f e i i i i f €vtry aast k& »y a Ci é p aï tnt t l r » t i f in f l i t i # ? # I f # » ¿«tiit« li.:» «V Sfi» W lit t on \\ a f '# Pli >*rv nsè tppaintats. u tv S-i 1 Ê ! # r if W «9 f i«| i r f§ I and »s t r a f , tv® author # fiatò jpi ¿S» S*i¡; OÛill «if! it iiâf It I ifW tftasls i 18 - completion of the program by December 1st of this year. Under the skillful direction ^ of Commissioner of internal Revenue John 8. Dunlap, and fti associates, the transition is being accomplished smoothly and without inconvenience to taxpayers. v heoryaniiation.Plan No. 1 is not a complicated blueprint understandable only by experts. it is simple. § . t .. Une of its provisions Iiinf*# % n#il pr tipor % i 1e# iy * ; / the bureau uf internal fctvtinu« r # u ■iv l § § b fat 80 ®lll*on tax return® of til k inti« annually * ifii ift the l at e s t f i s c a l . y a t r i . l i Piyjj; I w .g$h .***.'.J% 3 I1 1 I \\ II% If«»8 ■#iaS r [flf n iH li § II hr 11 A ff rauna asi mat rearganixat ion of :tif| i# st iFiji if f e c t e i . riy* rtisr t w - e . | l i t i It® s t t s n a iic s| ta thè li52 # m § § Ì W t ssfw tux c a l i n o t i ** instillât ien of 1<¿ • the withholding system. incoine tax Still another compìicatÌon was the fact that the rapid r»to jo war tim« incomes fostered tax evasions that had to be discovered and rectified. 1 The inadequacy of the Revenue S e r v i c e 1* equi patent and methods was plainly iapparent, and the need for i thereof|h ovirhialin§ was consp ic m ¡¡¡11 tut temperar ily, the problem ftad to Ì# pot afide. The Service suddenly had to handle m 11 1 1a ns of return« tram taxpayer« who never before had been required to pay Federal irittoioo taxes. It had t® assume responsibility almost avernifht for the collection of mem kinds of texts, and the application of sharply inertattd rates on those taxes already in existence. |i C o l l e c t i o n « » t h u d s w e r e drastically chanced by the i8 - y - nut accomplished overnight. fhe study given to the problem covered Æ ■ F P V w r m vp w«. nr wi ? — ts#nt and tnt .„i«Ayr ?!siva sy» S#r¥ t«f ititlf but al ■ indivi d u t ! s reprtrttftt îf!.!**. :' I I 4': fef, ¡JSjÈ t. f; ^ g r o u p e î :*¥. *% V"V t jrtÊtt, f- Itovei'-mmont Jfi§§|||.tt; nd l tax p k ü antf*$W *# «#>*f % f îrsus, sf r ws a n i z i t i i m s «n ■thsr t , te af tli « «io st eaaa v a # s i1 ® b 1 e „ un 1 I li unii liras Üf ¡ 5% fi1 fim| ■ teft. S ii ? w • B i l i € tf •1C T a a g n t ili et f « th ‘if îlfcVS Revenue activities located in P h i l a d e l p h i a . Sown t h r o u g h the years, from R e v o l u t i o n a r y fear days w h e n P h i l a d e l p h i a ’s d i s t i n g u i s h e d citizen, R o b e r t morris, w a s n i c k n a m e d the L F i n a n c i e r " in r e c o g n i t i o n of his f i n a n c i a l prowess. P e n n s y l v a n i a n s have 8e expression of confidence é thr h the operation of the new pian, we ihtil brio u to the taxpayers t Revenue service fully adequate to meet its increased responsibilities and fully meriting the confidence of the public. '. I ¿8 deeply aware of the significance to you and to our Government of having the principal office for this region's Internal In fo S e rv ice R e l e a s e 1 0 a»m * EST W ed n esd ay ! N ovem ber 1 2 , 1952 P h i l a d e l p h i a , N ov* 1 2 — Jo h n W. S n y d e r , s p e a k in g a t J*ig i S c h o o l f o r G irls o f th e h e a d in g fo r S e c re ta ry c e re m o n ie s th e of in th e th e in s ta lla tio n r e o r g a n iz e d I n t e r n a l R evenue S e r v i c e New J e r s e y an d D e l a w a r e , s a id to d a y : of T re a su ry P h ila d e lp h ia o ffic ia ls f o r te a n s y lv a n ia TREASURY DEPARTMENT Information Service Release 10 a.m* EST Wednesday, November 12, 19^2 WASHINGTON, D .C. S-322^1 Philadelphia, Nov. 12 — Secretary of the Treasury John W. Snyder, speaking at ceremonies in the Philadelphia High School for Girls for the installation of officials of the reorganized Internal Revenue Service for Pennsylvania, New Jersey and Delaware, said today: uWe are gathered here today to bring to the States of Pennsylvania, New Jersey and Delaware, under the authority of the President’s Reorganization Plan No. 1 of 19i?2, a reorganized, modernized, and revitalized Internal Revenue Service. Your presence indicates that you appreciate the importance of the progressive action which we are taking. Your pres ence is also an expression of confidence that, through the operation of the new plan, we shall bring to the taxpayers a Revenue Service fully adequate' to meet its increased responsibilities and fully meriting the confidence of the public. "I am deeply aware of the significance to you and to our Government of having the principal office for this region’s Internal Revenue activi ties located in Philadelphia. Down through the years, from Revolutionary War days when Philadelphia’s distinguished citizen Robert Morris, was nicknamed the ’Financier* in recognition of his financial prowess, Pennsylvanians have played a conspicuous role in directing our Nation’s finances. Since the post of the Secretary of the Treasury was created in 1789, it has been occupied more than one-fifth of the time by Pennsylvania citizens. Their total tenure in that office has been longer than that of the representatives of any other state. Likewise, you have given to the Internal Revenue Service two of its Commissioners since the establishment of that office. uIknow that we can count on the citizens of this State and region to continue their efforts to strengthen the financial structure of our Government and to make the reorganized Revenue Service which is being instituted here today a model in good government administration. "From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, the Treasury Staff, Commissioner Dunlap and his associates in the Revenue Bureau - 2 102 - «« "The HeorganizationPlan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups representing tne Congress, other Government agencies, business management firms, and taxpayer organizations — in short, the composite of the most capable consultants available. ■ "The goals of this action are a maximum of operating efficiency and econony, fast, convenient, and accurate service to all persons transacting business with the Bureau, scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Bureau. X have every confidence that these goals will be realized. , preParatl0n °f^ e Reorganization Plan was a tremendous task, and it was not accomplished overnight. The study given to the problem covered several years of intensive work, and the final drafting of the been taken! °0mpleted Until after a lonS « • * « preparato^ steps had "The elimination of weak spots from the Internal Revenue Service, and improvements in its operational methods, began at my direction in 19ii6 soon after I became Secretaiy of the Treasury, f war^dme ex* Dsr^ence in the Service had demonstrated the necessity for such action. An organization which had worked fairlv well in its fromlrelatlf!r "f6" ** c?llected °onparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era. The Service suddenly tod to handle millions of returns from taxpayers who never before had been required ix - K ! t to collection c o ? r ra: - taxes/ j t had to assume « w i m u S a S S t of new kinds of taxes, and the application of sharply increased rates on those taxes already in existence. ^ftion^thods were drastically changed by the installation of that the^ranid Sti11 another complication was the fact b ^ L c Iv ^ d and ^ e o t i f S d ! ” n. .' ^ ln ° 0lneS evaSions th a t had * ° inadequacy of the Revenue Service's equipment and methods was '»parent, and the need for a thorough overhauling was consoicuous" thl f oblem had to be put aside. So long as the Z the n ^ ssI ! y ^ r S u i S g ! he ^ “ the *o accomplish a v a u l M P1?!!f^*h% ? ituatii>n had chanSed* » r e men and women became declined ei"Pl°yl* n t as the strength of the Armed Forces for of l l r n K S w a s >?ith the red«°tion in the demands starSd.^" ^ ** °f m°derniai^ Bureau 103 - 3 - "Even as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem* The period from 19h6 to 19^2 saw a large increase in the number of income tax returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually, and in the latest fiscal year its collections reached the record sum of $6fj> billion, "That, in brief, is the historical background against which reorgan ization of the Revenue Service is being effected, "In going about this task, we had to remember constantly that the Bureau of Internal Revenue is not like a factory, or an assembly plant. It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on collecting the Nation’s revenues and doing the rest of its huge daily job, while making the changes called for in the plan, 11This is the tenth area in which the reorganization plan has been put into effect, I have personally attended all but two of the reorgan«* ization ceremonies. In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington, We shall proceed with reorganization in other districts, on a schedule which calls for completion of the program by December 1st of this year, "Under the skillful direction of Commissioner of Internal Revenue John B, Dunlap, and his associates, the transition is being accomplished smoothly and without inconvenience to taxpayers, "Reorganization Plan No, 1 is not a complicated blueprint understand able only by experts. It is simple, "One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue, Every post in the service, with that one exception, will now be filled by Civil Service appointees, "Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the tax payer and improve methods of supervision, "Here is how the Philadelphia District will be administered, "In the State of Pennsylvania, the office of a Director of Internal Revenue is being established for each of three areas, with the offices located in Philadelphia, Pittsburgh and Scranton, "In New Jersey, there will be two Directors of Internal Revenue with offices in Camden and Newark, - h •* 104 "In Delaware, there will be one Director, with his office in Wilmington# "These six Directors replace the former Collectors of Internal Revenue for the three States, and the offices of the Directors are in the same cities as were the offices of the Collectors# ’’Each Director will maintain supervision over all Federal Revenue Service matters within his particular collection district. Taxpayers are assured of improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality. For convenience, local representatives will be stationed throughout these six collection districts in lU6 presently located offices and posts of duty# "For purposes of general area supervision and coordination of local tax administration, there is being established in Philadelphia the office of District Commissioner# This office is a new position in the reorgani zation. The District Commissioner for Philadelphia has full responsibility for all field activities of the Bureau in the six Directors’ offices in the three States of Pennsylvania, New Jersey, and Delaware. Under this reorganization, there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington# "One of the members of the District Commissioner’s staff will be the Assistant District Commissioner for Intelligence# Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action# "The task of fighting tax frauds never was an easy one# In recent years the criminal element has attempted tax evasion with greater persistence than ever before# It is our determination that this persist ence will be.met by the special agent's of the Revenue Service with even greater enforcement diligence# The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is applied to the tax evasion problem# "In streamlining the Revenue Bureau’s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past. There has been established an independent Inspection Service, under the direction of another Assistant Commissioner, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well# "The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust# The work of Congressional investigative groups has had, and will continue to have, our full cooperation# - 5 - "In placing the Reorganization Plan in effect, we have made it our objective that only the most capable persons available would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts, I am confident that our selections for the office of District Commissioner here in Philadelphia and the office of Director of Internal Revenue in Philadelphia, Pittsburgh, Scranton, Camden, Newark, and Wilmington, will measure up to every expec tation* "The region which these officers will serve has long been the key stone to much of our Nation1s economic power* Multitudinous industrial developments and equally impressive strides in agriculture and commerce within this area have constantly enriched our country and its people«, And from earliest days the city of Philadelphia has been the nerve center for much of this region’s spectacular progress* "Philadelphia’s port assured the development of commerce, as well as the development of early industries like shipbuilding and sugar refining and modern industries such as petroleum refining and chemical manufacturing* Served also by three main line railroads with connections to a rich continent of raw materials, surrounded by a wealthy agricultural and mineral hinterland, flanked by ever growing markets along the heavily populated seaboard, and endowed with skilled workers, Philadelphia was des tined to lead the way in forging this region into the great industrial empire it is* "Moreover, this region is growing in economic power and productive might every year* An outstanding example which is currently attracting Nation-wide attention is the construction of the huge Fairless steel mill, with its new industrial community, some 25 miles up the Delaware River from Philadelphia. Now nearing completion, this mill will soon be adding 1,800,000 tons of raw steel to the Nation’s annual production capacity* "The economic progress of the people of this region is evidenced by the fact that just since 19^0 income payments to individuals in this threestate area have almost tripled* Last year alone, there was a 10 percent increase over the previous year. "As'your economy has expanded, so has its importance grown to our country’s revenue system* "In the 1952 fiscal year there were over 7 million individual income tax returns filed in the three-state area which now comprises the Philadelphia District — a sixfold increase since 19U0. The total number of tax returns filed in this District in fiscal 1952 amounted to almost 10 million, as compared with less than 2-1/2 million in 19^0* Total Federal tax collections from this three-state region in the past fiscal year amounted to close to $8 billion, or 12 percent of the country’s total Internal Revenue tax collection'** t'Xt is with citizens of such vital service of Internal Revenue much satisfaction that we bring to the enterprising an enterprising region of America an improvement in a the Federal Government such as that incorporated in the Reorganization Plan* "We have had most generous cooperation in arranging today's ceremony# I want to express our warm appreciation to all those who have taken a part in making this occasion possible. "It is my firm belief that the result of today's reorganization proceedings here, and those held or to be held throughout the Nation, >7111 be to give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity#" - 3 - subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 1*2 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1 9h l, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. Ul8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. 2 m dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final» Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on November 20, 1952 * in cash or other immediately available funds or in a like face amount of Treasury bills maturing Hovember 20, 195S_, W? Cash and exchange tenders will receive equal treatment. Cash adjustments will he made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income deriyed from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be Sxkddaifcdk mm TREASURY DEPARTMENT Washington i. FOR RELEASE, MORNING NEWSPAPERS, Thursday, November 13, 1952 • ^ - ”5 The Secretary of the Treasury, by this public notice, invites tenders fcr $1,300,000,000 , or thereabouts, of 91 -day Treasury bills, for cash and in exchange for Treasury bills maturing November 20, 1952 , in lip the amount of $ 1 ,300 ,266,000 , to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated February 19, 1953 terest. November 20, 1952 The bills , and will mature , when the face amount will be payable without in- They will be issued in bearer form only, and in denominations of $1 ,000 , $5 ,000 , $1 0 ,000 , $100 ,000 , $500 ,000 , and $1 ,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p,m., Eastern Standard time,Monday, November IT, 195?» Tenders will not be received at the Treasury Department, Washington, Each tender must be for an even multiple of $1 ,000 , and in the case of competi tive tenders the price offered must be expressed on the basis of 100 , with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TR EA SU R Y D EPARTM EN T Information Service RELEASE .MORNING ¡NEWSPAPERS, Thursday, N o v e m b e r 13« 1952. WASHINGTON, ' ' '' ’ ^ J S-322p The Secretary of the Treasury, by this public;.-notice, invites tenders for $1 ,300 ,0s00,000, or thereabouts, o f ^ l - d a y Treasury bills, forscash and i n exchange for Treasury bills maturing;; November 20, 1952, in the amount of $1,390,266,000, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will, be dated ,November 20:,. 1952, and will mature February 19, 1953, when the face amount' will be, payable .without interest . They will be issued in b e a re r form only, and in denominations of $1,000, $5,000, $10., 000, ),000', :$.500 ,000 , and $1,000,000 (maturity value),; Tenders will be received at Federal Reserve Banks...and Branches up to the;closing, hour, two o ’clock p.m., Eastern Standard time, Monday, November 17, 1952# Tenders will not be received at the Treasury Department, Washington# Each tender must be for .an even multiple of $1,000, and in the case of competitive••tenders the-price offered must be expressed on the basis of 100, with not more than three;, decimals, é » g., 99*925« Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special, envelopes which will be supplied by Federal Reserve-Banks or Branches o n .application therefor. .• Others than banking institutions will not be permitted to submit tenders, except for. their own account. Tenders will be received, without deposit from incorporated banks and trust companies, and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the; tenders are accompanied by an express guaranty of payment b y an incorporated bank or trust company......... ;... ' » Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted b i d s , Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price - 3 (in three d e c i m a l s ) of a c c e p t e d c o m p e t i t i v e bids. S e t t l e m e n t for a c c e p t e d t e n d e r s in a c c o r d a n c e w i t h the bid s m ust be or c o m p l e t e d at the Fe d e r a l Re s e r v e B a n k o n N o v e m b e r 20, 1932, in cash or o t h e r i m m e d i a t e l y a v a i l a b l e f u n d s o r in T r e a s u r y b i l l s m a t u r i n g N o v e m b e r 20, 1952#- " ¿ i C a s h . . j ; te n d e r s wil l r e c e i v e equal treatment. C a s h a d j u s t m e n t s w ill be m a d û i f q r d i f f e r e n c e s b e t w e e n the p a r v a lue of m a t u r i n g b i l l s a c c e p t e d i n -,e x c h a n g e a n d *■the issue p r i c e ;of the -new^bills;. ;rr , The income d e r i v e T r e a s u r y bills, whether, i n t e r e s t pr g a i n fj?oèr the sale or o t h e r d i s p o s i t i o n of -the- billsi •shall 1 not have a n y e x e m p t i o n , 'as such, a n d 1loss from; the sale* or o t h e r ,disposition of T r e a s u r y b i l l s shall n o t • h a v e an y Special treatment, as such, _ u n d e r the I n t e r n a l R e v e n u e Code; or laws a m e n d â t o r ÿ o r supplementary thereto;.- “The b i l l s shall be sub ject to e s t ate;a inheritance., gift or o t h e r e x c i s e taxes, W h e t h e r F e d eral o r State, but;. ;shall: be , • e x empt f r o m a l l ’ t a x a t i o n n o w or hereafter* imposed, Un, the. principal o r i n t e r e s t t h e r e o f b y a n y State, or a n y of the p o s s e s s i o n s of the U n i t e d States, Or b y a n y local t a x i n g authority.. RPr-j p u r p o s e s of t a x a t i o n the amou n t of d i s c o u n t at w h i c h T r e a s u r y b i l l s ^ a r e ^ ■ o r i g i n a l l y sold b y the U n i t e d S t a t e s shall be c o n s i d e r e d to he i n t e r e s t . U n d e r S e c t i o n s 4 2 arid 117 (a) (1) of. the^ I n t ernal R e v e n u e Codé, as a m e n d e d b y S e c t i o n 115 of the Revenue: Act of, 1941, t he a m o u n t of d i s c o u n t at w h i c h b i l l s i s s u e d h e r e u n d e r are sold -, .shall not .be c o n s i d e r e d to a c c r u e u n t i l such b i l l s shall;:\ib.^i^id^ r e d e e m e d .or o t h e r w i s e d i s p o s e d o f , a n d 'such bills. are: e x c l u d e d from c o n s i d e r a t i o n ’as capi tal as set a. A c c o r d i n g l y ,' t h e o w n e r o f .Treasury b i l l s (other t h a n life ins u r a n c e com p a n i e s ) i s s u e d h e r e u n d e r need i n c l u d e . i n his income t ax r e t u r n o n l y the d i f f e r e n c e b e t w e e n the p r i c e paid, f o r such b i l l s , " w h e t h e r on -original i s s u e o r ; o n ; s u b s e q u e n t purchase, a nd the a m o u n t a c t u a l l y r e c e i v e d :either^upon sale o r ’r e d e m p t i o n at m a t u r i t y d u r i n g the t a x able y e a r f or which the r e t u r n is "made; as o r d i n a r y g a i n * o r l o s s .' ** : ,: ;: r T r e a s u r y ¿ a p a r t m e n t C i r c u l a r Noi 4l8, as amended, a nd this notice, p r e s c r i b e the t e r m s of the T r e a s u r y bills: a nd ;g p v e r n - t h e . c o n d i t i o n s of t h e i r issue. Copi e s of the c i r c u l a r , m a y be pbtainea f r o m a n y F e d e r a l . R e s e r v e B a n k or Branch. oOo fi 0 ,' 7 “r ~y~ (?* r^-—»jg IMMEDIATE RELEASE November 1952 ^ ;The Bureau of Customs announced today preliminary figures showing the imports for cMstimption of o d d i t i e s within tariff-rate quota n o t a t i o n s from the begmv ning of the quota periods to November 1, 1952, inclusive, as follows* Inports as of November 1, 1952 Commodity IShole milk, fresh or sour ♦•♦Calendar year Cream .......................Calendar year rhvM^ ........... (July l6, 195>2............................ (Oct. 31, 1952 3.000. 000 Gallon 1,500,000 Gallon 5.000. 000 pound Fish, fresh or frozen, filleted, etc., cod, haddock, hake, pollock, •12 Walnuts ....... . .Calendar year months from •Sept. 15, 1952 150,000,000 798,900,000 5,000,000 pound Quota filled a "White or Irish potatoes: certified seed •••••••• other ..... . 31,k72,lo8 2 , 5 8 2 , too 3,lt78,622 pound Quota filled Gallon Gallon Quota filled Quota filled Gallon Quota filled $ a yo .Calendar year petroleum and petroleum „Calendar year Venezuela 2,956,81*1,9h9 Netherlands 930', 857,65l Other Countries 1,090,1^8,800» / Almonds: shelled prepare« 3,990,996 ,12 months from •«à, 5oo,ooo Pound *5 aon o§o 1)98,109 October 1, 1951 Almonds: 185,593 ,.12 months from 7,000,000 pound ,.October 1. 1952 * Of the total, not more than 500,000 pounds shall be blanched, roasted, or other Tsise prepared or preserved almonds (not including almond paste). / Imports through September 30, 1952* TREASURY DEPARTMENT Washington 112 IMMEDIATE RELEASE Thnrsday, November 13, 19£2 S -3226 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities within tariff-rate quota limitations from the beginning of the quota periods to November 1, 1952, inclusive, as follows: Commodity Period and Quantity Unit of Quantity Imports as of November 1, 19£2 Whole milk, fresh or sour.••••••••••••».•.9 Calendar year 3,000,000 Gallon 22,221 Cream ♦Calendar year 1,£00,000 Gallon 850 .July 16, 1952Oct. 31, 1952 5,000,000 Pound 31,1*72,108 Pound Quota filled l£0,000,000 798,900,000 Pound Pound 2,582,1*00 3,1*78,622 £,000,000 Pound Quota filled Gallon Gallon Quota filled Quota filled Gallon Quota filled Butter.• • • • • • • . . • • • . . 9 9 Fish, fresh or frozen, filleted, etc., cod, haddock, hake, pollock, cusk, and rosefish... .Calendar year White or Irish potatoes: certified seed. .12 months from other. .Sept. l£, 19£2 301*, 892 • 0 Walnuts »Calendar year Petroleum and petroleum p r o d u c t s . ,.Calendar year 2,9£6, 81*1,91*9 Venezuela 930,8£7,6£l Netherlands Other 1,090,318,800 Countries Almonds: shelled......... . 3,990,996 .12 months from £00,000 prepared....... . Almonds: shelled. Pound .October 1, 19£l 1*98,109 ,12 months from 185,593 7,000,000 Pound _ prepared...... ...... »October 1* 19£2 lié.fìlQ ui une total, not more than ¿00,000 pounds shall be blanched, roasted, or otherwise prepared or preserved almonds (not including almond paste), t Imports through September 30, 19£2. l i p i » BMEDIATE RELEASE November 1^, 19f>2 The Bureau of Customs announced today preliminary figures showing the inroorts for consumption of commodities on which quotas were prescribed by the Philippine Trade Act of 19U6, from »January 1, 1952, to November 1, 195 , inclusive, as followsr products o f the Philippines 5 : Established Quota Quantity 85a,ooo Coconut O H • • • • • Rice • (Refined f # : unit of t Quantity •. Gross : s : Imports as of November 1» 1952 % • 576,711» 200,000,000) Number 1,275,302 UU8,ooo>ooo pound 89,628,872 6,000,000 pound 3,35l,6taL i,oUo,ooo Pound - 1,90U,000,000 pound • • Sugars 1,581» ,i*53,oil (Unrefined • • Tobacco • • • • • • • 6,^00,000 pound 2,231,1|13 114 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Thursday, November 13, 1952 S-3227 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities on which quotas were prescribed by the Philippine Trade Act of 19 )46, from January 1, 1952, to November 1, 1952, inclusive, as follows i Products of the Philippines Buttons ..... . : î Established Quota Quantity 8$0,000 : Unit of : Quantity Gross Imports as of November 1, 195 576,711* Cigars....... . 200 ,000,000 Number Coconut Oil•••••••«* 1^ 8 ,000,000 Pound 89,628,872 Cordage...... ...... 6 ,000,000 Pound 3,351,61a Rice......... . i,oUo,ooo Pound - 1,90U,000,000 Pound 1,275,302 (Refined,.... Sugars (Unrefined,.. Tobacco*..... . 1,581*,1*53,oil 6 ,500,000 Pound 2,23l,ltl3 / _ FOB Thu 3<?.2-<P FOE IMMEDIATE RELEASE, November l2r 05£%---- t3 lary figures showing the The Bureau of Customs announced todaj^reli inarawn from warehouse, for quantities of wheat and wheat floui/dHlWeir, or consumption under the import quotas established in the President's proclamation of May 28, 19hl, as modified by the President's proclamation of April 13, 19l2, for the 12 months commencing May 29, 19 £2> as follows: Wheat Country of Origin Imports Established : Quota sMay 29, 19££, to : jjbvember 12, i95a (Bushels) (Bushels) 795,000 Canada China Hungary Hong Kong — Japan 100 United Kingdom — Australia 100 Germany *100 Syria New Zealand Chile 100 Netherlands 2,000 Argentina 100 Italy Cuba 1,000 France Greece 100 Mexico Panama Uruguay Poland and Danzig Sweden Yugoslavia Norway Canary Islands 1,000 Rumania Guatemala 100 100 Brazil Union of Soviet Socialist Republics 100 100 Belgium "BUOTOT 79U,609 «• mm mm mm ■mm mm mm mm mm * mm mm mm mm mm mm — mm — — — mm Wheat flour, semolina,, crushed or cracked wheat, and similar wheat products Established : Imports Quota 1 May 29, 1$£2, • • to November 12 (Pounds) (Pounds) 3,8l£,000 2k ,000 13,000 mm - 7 9 k ,609 mm 8,000 75,ooo 1,000 £,000 £,ooo 1,000 1,000 1,000 111,ooo 2,000 12,000 1,000 1,000 1*000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 - mm mm - 13,000 - mm 1,211,760 lj,000,000 m to m , mm mm «* mm ■mm mm mm mm mm - mm mm mm mm ~ mm _ mm mm -• l,23J.,80il TREASURY DEPARTMENT Washington 116 FOR IMMEDIATE RELEASE Thursday, November 13, 1952 S-3228 The Bureau of Customs announced today preliminary figures showing the quantities of wheat and wheat flour authorized to be entered, or withdrawn tramwarehouse, for consumption under the import quotas established in the President's proclamation of May 28, 191(1, as modified by the President's proclamation of April 13, 191(2, for the 12 months commencing May 29, i9f2 Wheat flour, semolina, crushed or cracked wheat, and similar wheat products Established Imports Established babiished j Imports Quota :May 29, 1952 to Quota (May 29, 1952 to «November 12, 1952 iNovember (Bushels) "(Bushels) (bounds) (Pounds) Wheat Country of Origin Canada China Hungary Hong Kong Japan United Kingdom A u s tr a lia Germany i Syria I New Z ealan d Chile Netherlands Argentina I I ta ly Cuba France Greece Mexico Panama Uruguay Poland and D a n z ig Sweden 79$,000 79b ,609 Guatemala Brazil Union of S o v iet S o cialist R ep u b lics Uelgium 1,211,760 8,000 100 75.000 1.000 5.000 5.000 1.000 100 100 1 .0 0 0 100 2,000 100 1.000 111,000 2.000 12,000 . 1,000 1.000 •m- 1.000 100 1.000 1.000 1,000 1.000 1.000 1.000 j Yugoslavia Norway Canary I s l a n d s Rumania 3,81^,000 211.000 13.000 13.000 1 .0 0 0 1 ,0 0 0 1,000 100 100 100 100 800,000 m,609 Moo, 000 T,'gll,861( - 2 - COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes'made from cottons of 1 -3 /1 6 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy: Country of Origin : Total imports : Established : Imports 1/ : Sept. 20, 1952 to : 33-1/3* of i Sept. 20, 1952 : November 12* 1952 : Total Quota : to November 12, 195i : Established : TOTAL QUOTA * * United Kingdom ...... ... Canada .............. France .............. British India ....... Netherlands ......... Switzerland ......... Belgium .............. Japan ............... China ............... Egypt ........... ... C u b a ..... ........... Germany .............. Italy ..... .......... 1,441,152 4,323,457 239,690 227,420 69,627 68,240 44,388 38,559 341,535 17,322 8,135 6,544 76,329 21,263 5,482,509 140,404 13,1U 8,964 15,929 «■» m «■* 6,430 ____ ___ 184,838________ 1/ Included in total imports, column 2. Prepared by the Bureau of Customs - 75,807 a 13,111 - 22,747 14,796 12,853 - 15,929 - m m <a* 25,443 7.088 6,430 1 ,599,886 ______ 35,470 tm m 1 IMMEDIATE RELEASE - 1 November 12. 1952 #jf ÌàìM ^ Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas y established by the President's Proclamation of September 5, 1939 , as amended -f r« COTTON (other than linters) (in pounds) Cotton under 1-1/8 inches other than rough or harsh under 3/4” Imports Sept. 20. 1952, to November 12, 1952. inclusive Country of Origin Established Quota Imports 783,816 247,952 2,003,483 1,370,791 8,883,259 618,723 * 59,790 Egypt and the AngloEgyptian Sudan .... Peru ................ British India ...... China ............... Mexico ........... .. Brazil ............. Union of Soviet Socialist Republics Argentina .......... Haiti ............... Ecuador ............ 3,274,975 475,124 5,203 237 9,333 Country of Origin Established Quota Honduras ............. Paraguay ............. Colombia .............. Iraq .................. British East Africa ... Netherlands E. Indies Barbados ..i ........... l/0ther British W. Indies Nigeria .... 2/0ther British 1. Africa ¿/Other French Africa ... Algeria and Tunisia ... Imports 752 871 124 195 2,240 71,388 — 21,321 5,377 16,004 689 - 1/ Other than Barbados,, Bermuda, Jamaica, Trinidad, and Tobago. .2/ Other than Gold Coast and Nigeria. 2 / Other than Algeria, Tunisia, and Madagascar. Cotton, harsh or rough,, of less than 3/4* Imports Sept. 20. 1952, to November 1* 1952 Cotton 1-1/8* or more, but less than I-II/I6” Imports Feb „ l. 1952, to November 12, 1952 Established Quota (Global) Established Quota (Global) 70,000,000 Imports 1,057,02? 45,656,420 Imports 23,309,406 m m tfl* «a» mm am «M# mm mm m m T 1i asva'isïï giviasm i ^ yfA I -ù TREASURY- Ü SP A ET K EU T Washington IMMEDIATS RELEASE S-3229 Thursday, November 13, l952 Preliminary data on itqjcrts for consumption of cotton'and cotton waste chargeable to the' quotas established by the Presidents Proclamation of September 5, 1939• as amended. : COTTON (other than linters) (in pounds) . Cotton under 1-l /8 inches other than rough or harsh uhde r '3 /Un Imports Sept® 20 , 1952 , to November 12 . 195 2» inclusive ... Country of Origin Established Quota ,, imports Egypt and the AngloEgypt ian Sudan... • P 6m * •• v ♦'* •* ••♦ Bri t ish India®....*• Qliinctt •♦#*•»* ••/•# Mexi co......i i. v...• Brazil... .. . . . . . * 1 Union of Soviet Socialist Republics Argentina..... .. .. * •••••••••**••# Ecuador.’*•*...»-». •• 7 3 3 ,8 1 6 2^ 7,9 5 2 2,003,1*83’ 1,370,791 8;ig83c259 6 18,72 3 59,790 ■* ,X 3.271*.S75 — -U75.X21* ‘ 5*203 ,237 $.333 — — -.y„^ . Country of Origin .' ’ •' - 'Ci ..... « ..■ Established Quota..- *■>- Honduras ••... * ® # 752 ... ,. - Paraguay.......... 871 fjfcftv .■ 12 b Colombia®............. -* . 4U*’IrstQw* # • •-♦♦ • •... .. , ---I95 , •• • t, • British East Africa.v®' ■v • '*•2 >2h 0 - ’ I' ; Netherlands E® Indies*. • 7 1 , 3 s« ; ■ i Barbados..'.... . • l/Other British W. Indies** ’21,321 --'it 'i«:« ' Nigeria..............- ' - 5,377— — r 2/Other British V/® Africa * :Cv Vt l6^COU *:*-.’ - >.?■*: *4' ' 3/0ther French Africa... • 689: ' ; I ~ Algeria and Tunisia. ®-. *• * _* . * ff 1 j Other than Barbados, Bermuda,' Jamaica, Trinidad,, and Tobago 2/ Other than 00 Id* Coast and Nigeria® • ’ 2J Other than Algeria, Tunisia, and Madagascar Cottony harsh of rough, of less-than 3/^t> Imports Sept® 20, 1952» to November 1, 1952 Established Quota (Griobal) 70,00O;0C0 Imroorts 1,057,027 Inroorts Cottoh 1 - 1 or more, but less than l~ll/l6 tf lirroorts Feb® 1 9 1952 » to November 12 ,, 1953 Inroorts — — _ — — —— ^ — 2 COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than I-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE; Provided, however, that not more than 33~l/3 percent of the quotas shall he filled by cotton wastes other than comber wastes made from cottons of 1-3/l6 inches or more in staple length In the case of the following countries: United Kingdom, Prance, Netherlands, Switzerland, Belgium, Germany, and Italy: Country of Origin United Kingdom • ......*.. Canada .»»-•. Prance .................. British India Netherlands •......... -. Switzerland ♦.......... . Belgium ................ , Japan .................. .... China Egypt .... .... Cuba • *»................. Germany ............. . I t a l y .... .............. l/ e Established 9♦- TOTAL QUOTA • ■»* : Total imports : Established : Imports xj : Sept. 20, 1952 to : 33-1/3$ of jSepto 20, 1952 to teo November 12, 1952 : Total Quota :November 12, 1952 ^*323.^57 239.690 227,420 69.627 68,240 44,388 38,559 3^1,535 17,322 s,i35 lho,4o4 13,111 8,964 15,929 — .- 6,544 76.329 21,263 6,^30 5.US2.509 184,838 Included in total imports, column 2. Prepared by the Bureau of Customs 1,441,152 —• 75,807 22,747 1U .796 12,853 - — 13,111 — 15.929 —• ■ m. m,. . . — torn- — _ 25,1*3 7,088 1.599.8SS ■- 6,1*30 35.1*70_______ remase MORncm — vm spm m , 3 í-2- ”3 O Frlday, jtowtobar 11», 19$2, tbm Secratory of tha Xreaaury amaouaotd laat «nrani&g toat ti» tondsrs for $2,000,000,000, or tharaabouta, of fax Antisipation Serie« 210-day Treaaury Mil« to **> datad Koreatoer 21, 1952, and to »ature Juna 19, 19», atoich vera offerad on Hoveaber 7, « s » oponed at toa Federal Raserra Dante on Hovantwr 13. H É detalla oí tola inane ara ae f aliarai Total oaliad tac - 13,923*115,000 Total »«captad - 2,001,987,000 {inalada» 1225,725,000 «atorad on a no»-campeütiT» basis and acoeptod te Averaga Pric© per annua Kaage of «aceptad eaiapetitive Mdsi (^xeeptlog o»» tender of $$0,000) Hl# (71 perceafc til© amoont b M í©r at ti» loe jxrice mm aoeepted) ttomem Federal Bistriet total total | Boston Be* M Phi larite!p M fj 9b2,67S,000 112,705,000 23b,100,000 13b,080,000 Cleveland Tiichaond Atlanta 88, 320,000 81,281,000 98,312,000 . Ste Leude Üám4f#lá» 108.332.000 Kaneaa Citsr 11^8 , 862,000 91,6i»9,000 91»,826,000 299,810.000 lb6,538.000 »,923,115,000 $2,001,987,000 101 765.000 TklU« San francisco TOE«. 72,301,000 TREASURY DEPARTMENT Information Service WASHINGTON, D. 121 RELEASE M O R N I N G N E W S PAPERS* Friday, N o v e m b e r 14, 1952, S-3230 The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the tenders f o r $ 2 , 000,000,000, or t hereabouts, of T ax A n t i c i p a t i o n Series 2 1 0 - d a y T r e a s u r y b i l l s to be d a t e d N o v e m b e r 21, 1952, and to mature June 19, 1953, w h i c h w e r e o f f e r e d on N o v e m b e r 7, were o p e n e d at the Fe d e r a l R e s e r v e B a n k s on N o v e m b e r 13. The d e t a i l s of this issue are as follows: Total a p p l i e d f or - $ 3 , 9 2 3 * 1 1 5 , 0 0 0 2,001,987,000 Total a c c e p t e d Average Price (includes $ 2 2 5 , 7 2 5 , 0 0 0 e n t e r e d on a n o n - c o m p e t i t i v e b a s i s a nd a c c e p t e d in full at the a v e r a g e p r i c e shown below) - 9 8 . 9 2 3 / E q u i v a l e n t r a t e s of d i s c o u n t approx. .1.846$ p e r a n n u m Range of a c c e p t e d c o m p e t i t i v e bids: (Ex c e p t i n g one t e n d e r of $50 ,000) High - 99.000 Equivalent rate of d i s c o u n t approx. 1.714$ per annum - 9 8 . 9 1 5 E q u i v a l e n t rate of d i s c o u n t 1 . 8 6 0 $ per annum Low (7 1 p e r c e n t of the a m o u n t b i d f o r at the l o w p r i c e wa s a c c e p t e d ) Federal R e s e r v e District T o tal A p p l i e d for_______ Boston $ New York Philadelphia Cleveland 153,530,000 1,942,675,000 1 1 2 ,705,000 234.100.000 134.080.000 147.377.000 445.053.000 Richmond Atlanta Chicago St. Louis' Minneapolis Kansas City Balias San Francisco 108 .332.000 1 0 1 ,7 6 5 , 0 0 0 TOTAL Total Accepted d? 9 88 .320.000 837.321.000 47 .410.000 109 .751.000 81 .281.000 98 .372.000 312 .433.000 60.577.000 148.862.000 94,826,000 56 .034.000 9 1 .649.000 72 .301.000 299.810.000 146.538.000 $3,923,115,000 $2,001,987,000 0O0 TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C. EELEASE, HORNING NEWSPAPERS Monday, November 17 , 1952 • S-3231 Secretary of the Treasury Snyder today announced the offering through the Federal Reserve Banks of an additional amount of 2 percent Treasury Certificates of Indebtedness of Series C-1953* open ©n an exchange basis, at par and accrued interest, to holders of 1-7/3 percent Treasury Certificates of Indebtedness of Series F-1952, maturing December 1, 1952, in the amount of $1,062,63U,000. Cash subscriptions yo .11 not be received. At the same time Secretary Snyder announced that the option to call the 2 percent Treasury Bonds of 1951-53 for redemption on March »1$, 1953, v,ras not exercised. The certificates of Series C-1953 now offered vri.ll be ah addition to and will form a part of the series issued pursuant to Department Circular No. 912, dated August U, 1952. They are identical in all respects with such certificates, with which they vri.ll be freely interchangeable. The certificates of .this series are dated August 15, 195*2, and will bear interest from that date at the rate^of 2 percent per annum, payable with the principal at maturity on August 13* 1953 • They will be issued in bearer form oialy, in denominations of $1,000, $5>Q00, $10,000, $100,000 and $ 1 ,000 ,000 . Pursuant to the provisions of the Public Dobt Act of 19U1* as amended, interest uoon the certificates now offered shall not have any exemption, as such, under the Internal Fievenue Code, or'laws amendatory or supplementary thereto. The full provisions relating to taxability are set forth in the official circular released today. Subscriptions vri.ll be received at the Federal Reserve Banks and Branches, and at the Treasury Department, Washington, and should be accompanied by a like face amount of the maturing certificates. The full amount of interest due on the maturing certificates will be credited, accrued interest from August l5> 1952, to December 1, 1952, on the certificates to be issued ($5.91781 per $ 1 ,000 ) will be charged, and the difference will be paid to subscribers following acceptance of the maturing certificates. Subject to the usual reservations, all subscrip tions will be allotted in full. The subscription books will close for the receipt of all subscriptions at the close of business Thursday, November 20. Subscriptions addressed to a Federal Reserve Bank or Branch or to the Treasury Department, and placed in the mail befoi’e midnight November 20, will be considered as having been entered before the close of the subscription books. The text of the official circular follows: UNITED STATES OF AMERICA 2 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-1953 Dated and bearing interest from August 15, 1952 Due August 1$, 1953 ADDITIONAL ISSUE 1952 Department' Circular No. 917 TREASURY DEPARTMENT, Office of the Secretary, Washington, November 17, 1952 Fiscal Service Bureau of the Public Debt I, OFFERING OF CERTIFICATES 1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act, as amended, invites subscriptions, at par and accrued interest, from the people of the United States for certificates of indebtedness of the United States, designated 2 percent Treasury Certificates of Indebtedness of Series C-1953, in exchange for 1-7/8 percent Treasury Certificates of Indebted ness of Series F-1952, maturing December 1, 3-952. II. DESCRIPTION OF CERTIFICATES 1. The certificates now offered will be an addition to and will form a part of the series of 2 percent Treasury Certificates of Indebtedness of Series C-1953 issued pursuant to Department Circular No. 912, dated August U, 1952, will be freely interchangeable therewith, are identical in all respects there with, and are described in the following quotation from Department Circular No., 912: wl. The certificates will be dated August 15, 1952, and will bear interest from that date at the rate of 2 percent per annum, payable with the principal at maturity on August 15, 1953• They will not be subject to call for redemption prior to maturity. ”2. The income derived from the certificates shall be subject to all taxes, now or hereafter imposed under the Internal Revenue Code, or laws amendatory or supplementary thereto. The certificates shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereaf'ter Imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. **3• The certificates will be acceptable to secure deposits of public moneys, ^hey will not be acceptable in payment of taxes. - 2 124 - ’’Li. Bearer certificates will be issued in denominations of 51,009, 55,000, 510,000, 0100,000 and 01,000,000. The certificates will not be issued in registered .form. ”5* The certificates will be subject to the general regulations of the Treasury Department, now or hereafter prescribed, governing United States certificates.” III. SUBSCRIPTION AND ALLOTMENT 1. Subscriptions vdll be received at the Federal Reserve Banks and Branches and at the Treasury Department, Washington. Banicing institutions generally may submit subscriptions for account of customers, but only the Federal Reserve Banks and the Treasury Department are authorized to act as official agencies. 2. The Secretary of the Treasury reserves the right to reject any subscrip tion, in whole or in part, to allot less than the amount of certificates applied for, and to close the books as to any or all subscriptions at any time with out notice; and any action he may take in these respects shall be final. Subject to these reservations, all subscriptions will be allotted in full. Allotment notices vdll be sent out promptly upon allotment. IV. PAYMENT 1. Payment at par and accrued interest from August 15, 19£2, to December 1, 1952, for certificates allotted hereunder must be made on or before December 1, 1952, or on later allotment. Payment of the principal amount may be made only in Treasury Certificates of Indebtedness of Series F-195>2, maturing December 1, 1952, which will be accepted at bar and should accompany the subscription. The full amount of interest due on the maturing certificates vdll be credited, ac crued interest from .August 15* 1952, to December 1, 195>2, on the certificates to be issued ($5*91731 per ¡¿1,000) will be charged, and the difference vdll 'be paid to the subscribers following acceptance of the maturing certificates. V. GENERAL PROVISIONS 1. As fiscal agents c£ the United States, Federal Reserve Banks are authorized and requested to receive subscriptions, to make allotments on the basis and up to the amounts indicated by the Secretary of the Treasury to the Federal Reserve Banks of the respective Districts, to issue allotment notices, to receive payment for certificates allotted, to make delivery of certificates on full-paid subscriptions allotted, and they may issue interim receipts pend ing delivery of the definitive certificates. 2. The Secretary of the Treasury may at any time, or from time to time, prescribe supplemental or amendatory rules and regulations governing the offer ing, which vdll be communicated promptly to the Federal Reserve Banks. JOHN W. SNYDER, Secretary of the Treasury. STATUTORY DEBT LIMITATION as OF T>i»Sl October 3 1 , 1952 Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United states (except such guaranteed obligations as may be held by the Secretary of the Treasury), "shall not exceed in the aggregate $275,000,000,000<(Act of June 26, 1946; U.S.C., title 31 , sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount." . The foil owing table shows the face amount of obligations outstanding and the face'amount which can still be issued under this limitation: Total face amount that may be outstanding at any one time Outstanding $ 2 7 5 ,0 0 0 ,0 0 0 ,0C0 Obligations issued under Second Liberty Bond Act, as amended Interest-beari ng: Treasury bills 119,711,686,000 Certificates of indebtedness Treasury n o t e s ................... Bonds Treasury Savings (current redemp. value) Deposi tary Armed Forces Leave Investment series........... Special Funds Certificates of indebtedness Treasury notes............... Total interest-bearing Matured, interest-ceased 1 6 .9 0 1 .9 3 4 .0 0 0 3 6 ,2 7 2 ,0 3 7 ,1 0 0 * 7 2 ,8 8 5 ,6 5 7 ,1 0 0 7 9 ,7 8 1 ,5 2 7 ,9 0 0 5 7 ,7 9 3 ,7 1 0 ,1 2 1 3 9 3 ,1 90 ,5 00 1 3 .4 4 1 .7 0 8 .0 0 0 23,466,215,000 1 4 ,9 2 4 ,2 3 0 ,4 0 0 Bearing no interest: war savings stamps ................ I 1 ,617,400 Special notes of the United states: Internat'l Monetary Fund series... 9 8 , 3 9 0 , y , 3 ,;,no 2 6 2 ,6 8 6 ,2 3 9 ,0 2 1 292 ,7 64 ,3 89 47,87 0,87 5 Excess profits tax refund bon d s... Total 1 5 1 ,4 1 0 ,1 3 6 ,5 2 1 1 *263,000,000 ___ 1,312,¿.88,278 264 ,2 91 ,4 91 ,68 5 Guaranteed obligations (not held by Treasury): Interest-bearing: Debentures: F.H. a . ................... Demand obi¡gâtions: C.C.C. Matured, interest-ceased ____ 43,195,336 ---268,003 4 3 ,4 6 3 ,3 3 9 -1 ,3 3 9 ,8 0 0 4 4,80 3,13 9 Grand total outstanding Balance face amount of obligations issuable under above authority Reconcilement with statement of the Public Debt Outstanding - Qet©b.er 31. 1952 tDat«r (Daily statement of the Un ¡ted „states Treasury, U © y ...3 * 1 9 5 2 ) (Oati) Total gross public debt ..................................................... Guaranteed obligations not owned by the Treasury Total gross public debt and guaranteed obligations Deduct - other outstanding public debt obligations not subject to debt limitation •OAS .DC 264,336,294,824 10.663.703.176 264,919,493,093 _____ V i, 803,131 264,964,296,232 638,001,408 264,336,294,824 STATUTORY DEBT LIMITATION AS OF OCTOBER 31, 1952 100 November 18, 1 95* ^ Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obliga tions guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), »shall not exceed in the aggregate $275,000,000,000 (Act of June 26, 19i*6$ U.S.C®, title 31* sec, 757b), outstanding at any one time* For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount# The following table shows the face amount of obligations outstanding and the face amount which can still be issued under this limitations, Total face amount that may be outstanding at any one time $275,000,000,000 Outstanding Obligations issued under Second Liberty Bond Act, as amended Interest-bearing s Treasury bills*....... •••••»»*$ 19,711,686,000 Certificates of indebtedness*.* 16,901,931*,000 Treasury notes••••••..••••••*«« 36,272,037,100 $72,885,657,100 Bonds T r e a s u r y . . . . . . Savings (current redemp*value) D e p o s i t a r Armed Forces Leave.....*....* Investment series••••••.•••.* ^ , 79,701,£27,900 57,793,710,121 y 393,190,500 13,1*1*1,708,000 151,1*10,136,521 Special Funds Certificates of indebtedness. 23 ,1*66 ,215,000 Treasury notes..•••••••...... lU,92h,230,1*00 38,390,1*1*5,1*00 262,606,239,02l Total interest bearing*.....7 Matured, interest-ceased.•••••••••*•• 292, 761*,389 Bearing no interests War savings stamps...... . ¡*7,870,875 1 ,617,1*00 Excess profits tax refund bonds.. Special notes of the United States: 1 ,263,000,000 Internat*! Monetary Fund series 1,312,1*88,275 Total»,, © 261*, 291,1*91,685 6 Guaranteed obligations (not held by Treasury) s Interest-bearings Debentures; F.H.A. •••.•..••«•«* 1*3,195,336 1*3,1*63,339 Demand obligations; C.C.C* «•••»• ________ 268,003 1,339,800 Matured, interest-ceased............. ••«••*•••••••# 1*1*,803,139 Grand total outstanding....................... . Balance face amount of obligations issuable under above authority..* 26h9336t29ht&2h 10,663,705,176 Reconcilement with Statement of the Public Debt - October 31, 1952 (Daily Statement of the United States Treasury, November 3, 1952) Outstanding Total gross public debt.............................. 26L*,919,1*93,093 Guaranteed obligations not owned by the Treasury......... ••••••* W*,803,139 Total gross public debt and guaranteed obligations..••........... 26i*, 961*, ¿96,232 Deduct - other outstanding public debt obligations not subject to 628,001 ,1*08 debt limitation*....................................... . s-3232 0 \. mproveiicini in a vital if the #i#:i iI 6'ovtrnwi s that incorporated in ntornal Revenue fteoroi at io f l a n . i a st g w cooperation in arrangina to ceremony taa w A -Mi « '^9“iiS.* & O #ciaticn to all tave ta IB € % :*? i gj * 2$ 1 ' 0 0 0 i8 3B 8 El £ 3 0 in strearalinins the Revenu© uresu* s operations, we have provided far improved supervision of e m p l o y e © conduct, and helped oi iminato th© t e m p t s t 1on® to which some employees -past. have succumbed in There has bear established n independent inspection Service, under the direction of another Assistant Commissioner, which will maintain t constant check on employé a'f ccnouct and watch other Revenue cI r> p f 1 I ::;e f •%# 0 C& IS II i ¿I 1*1tff ô M th i 1 i i u u I fi V't • of 0 1 str ict & ias iariti . *f *o # is ft 00 w. p r û V »8 i in the r©organi istr ict 1 U 1 1 t »on. ilfiï I 8 S I Oft8 I* ¿ft& Ü rt. W # i ■f*Ä; jr 1 1 . i1 i1 i1 y fur ail iV 11 1si! 81 the sureau I11 t fi§1 i $ t o t a r s A • t h r e e -fati Iw ?1 # y n 11 &'t i iS.il t lì 0r © â;r ê G $ é 14® 1I gë à mm m< ! f t il ru.s üf «uthor » U U ÍII S: la ii 11 V 1 rosi the ìli ret%* €is I M S over of the rtorgifiiiition caremon it»s• In addition, wo have extensively reorganized the ft#w;qy«ft«rs of tha Bureau of internal havanue in Washington. -* shaii proceed with reorganization in other districts, on a- schedule which calls for completion of the t* a JL A rogra« oy Geoeatoer 1st of this Pr u jj 1 1 ar Under the sai litui direction of Commissioner of Intern«.! havehue or a. unfit ft while an old system :# was abolished and t new system installed, fhjjj Sureau had to go r i s,ht on collecting the M o t i o n ’s revenues and doing the rest of its huge daily job, while making the changes called tor in the plan. J / J ’¡ h § i is the eleventh #re§ in which the reorganization plan has been put into e f f e c t . I have personally attended all but two le i JÊfr X. & a lid e d tu p r Sfei M 0 . J¿ i¡% a aarri prosperity, i,1i1 ìlitiflS 1u n s £ IIS li 1 1ild i V I d-U a X 1oc1 U $H ì*ji t a x ri « t ion c from i 94 Ö |a m il 1 ¿ir € nioe r mi t n # L# r the o1 r t- il Ie*Et.ri r s s a s s o y H V iaa ut in Stf ns of al inds I 1 íd 0 & 1 &C& i Vi I" m r ì Mf I«* a li t o r th,& (ooiiiction ut k è nds o f l a ;ic e s * z i nei ih » &p p i f e « 11 o r* o t s h & rp x y i n o r &«é tt#cÉ r &t #s ori itio s# X SàX fifi laJ*I S .ild y ì i'I S X I -§ C 0 ì10 '# » (*oX X # e t iun ìi# % t i ilfili p 0 r # di' a s 1 1e &a .aj| Cf'iaiij^u by tli# ilifi-i-IIA.X »Ai ICif1 0*f tifi# iflCO lìlli X $ X wì t h h o i d ing s y § 1 e it* .t iX i a M i ht r campii est io;n fif thè fnf t that thè f apid ri®# in e4rILiri® i11eomes f o s ee ire ci ekk x e va e io o®-'. th« t fia d tu o h ciiscovered ano r tetti ite! * when it collected comparât iv«iy modest amounts of taxes from relatively few people, fml been almost overwhelmed by the unprecedented demands made on it in the forld f ir il era. The oervice suddenly had to handle million® of returns from taxpayer who never before had been required to pay Federal income taxes. it had to assume responsibility almost overnight cunt ¡dime;« that 111 j | g o a l s w i ll hi r e a l i z e d . fl ¡"he p r e p a r a t i o n of the fce.organizati©n Plan was a t r e m e n d o u s t a SK t II * 11vj overnight« la S flut t(;COIIpi t s h a d ¡'he study given to the problem covered s e v e r a l years o t intensive the final d r a f t i n g $4 ut c o m p l e t e w o r k , of and the pl an after ÜdT ÉË. iil ti 4^ 4s? «i# CJ 11 unii dance tu b r i t » n of the puaii 4 i ram tÉÉ V$fY v-ti iImI§ÜP^éw s# i■f m •Ji **f m il If ¡t i i y m i. ci 3 hà jntnusI¡¡¡g 11y ciy y p ^ r ú t Iû fi fruns the President, S £ S S : 1 t &i l , iíciiii i | | i oner uuni ap §iîà h» s associâtes # u r e a u , » ; th® iroasur-y in th© K©venue ^ i9I «. appr e€ iat© t ' of l r « f l é * 2 - isipor tiny« t ion in i lines ut «at'! ôna-l w e l l p e r s o n a l endeavor confident M t h e p IS i r s P r e s i d e n t ’ s iiw r 'g in i n t i nan U q . 1 of li&tt -will ta the taxpayers Of Hit 0 K Arkansas and Kansa« a Service fully adequate to Î « rat?u #r ft i 2;#cl «fid re v i t a l ! ?ed federal wevtnut i>trv iue * entire region is $P' ^ 'W identi tied closely with the M o fleet* in.| era of our country *s h i s t o r y Of 9 dacKground* I v W lb fI,HH- ^ R e l e a s e 1 0 a . m . CST ( 1 1 a . m . T u e s d a y , N o v em b er 1 8 , 1 9 5 2 S t. M o ., L o u i s ,/N o v . E d w a rd H . F o l e y , A u d ito riu m f o r re o rg a n iz e d 18 - s p e a k in g a t th e EST) U nder S e c r e t a r y c e re m o n ie s in s ta lla tio n to d a y : th e T re a su ry th e M u n ic ip a l of o ffic ia ls I n t e r n a l R evenue S e r v i c e and K a n s a s , s a i d in of o f th e f o r M i s s o u r i , A rk an sas TREASURY DEPARTMENT Information Service WASHINGTON, D .C. 164 Release 10 a.m, CST (11 a.m. EST) Tuesday, November 18, 195>2_______ S-3233 St# Louis, Mo., Nov. 18 - Under Secretary of the Treasury Edward H* Foley, speaking at ceremonies in the Municipal Auditorium for the instal lation of officials of the reorganized Internal Revenue Service for Missouri, Arkansas and Kansas, said todays nI am delighted to be with you for these ceremonies which bring to the States of Missouri, Arkansas, and Kansas a modernized and revitalized Federal Revenue Service. "This entire region is identified closely with the pioneering era of our country*s history, and because of that background, I know that you appreciate the importance of progressive action in all lines of national as well as personal endeavor. We are confident that the progressive action being taken here today, under the authority of the President’s Reorganization Plan No. 1 of 195>2, will bring to the taxpayers of Missouri Arkansas and Kansas a Revenue Service fully adequate to meet its increased responsibilities and fully meriting the confidence of the public. nFrom the very beginning of the reorganization task we have had enthusiastic cooperation — from the President, the Treasury staff,Commissioner Dunlap and his associates in the Revenue Bureau® "The Reorganization Plan is the product of earnest study and dili gent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups repre senting the Congress, other Government agencies, business management firms, and taxpayer organizations — in short, the composite of the most capable consultants available. "The goals of this action are a maximum of operating efficiency and economy, fast, convenient, and accurate service to all persons transacting business with the Bureau, scrupulous protection of the Government revenues and the maintenance of unquestioned integrity among the employees of the Bureau. I have every confidence that these goals will be realized. "The preparation of the Reorganization Plan was a tremendous task, and it was not accomplished overnight. The'study given to the problem covered several years of intensive work, and the final drafting of the plan was not completed until after a long series of preparatory steps had been taken. - 2 - 11The elimination of weak spots from the Internal Revenue Service, and improvements in its operational methods, began at Secretary Snyder's direction in 19U6, soon after he became Secretary of the Treasury.* ,fOur wartime exoerience in the Service had demonstrated the necessity for such action. An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unpreced ented demands made on it in the World War II era. The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes. It had to assume responsibility almost overnight for the collection of new kinds of taxes, and the appli cation of sharply increased rates on those taxes already in existence. HCollection methods were drastically changed by the installation of the income tax withholding system. Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified. "The inadequacy of the Revenue Service's equipment and methods was plainly apparent, and the need for a thorough overhauling was conspicuous. But temporarily, the problem had to be put aside, So long as the war continued we had neither the time, the men, nor the machinery to accomplish the necessary overhauling, "By 191*6, the situation had changed. More men and women became available for civilian employment as the strength of the Armed Forces declined, More machinery became available with the reduction in the demands for military equipment. It was then that the work of modernizing the Bureau of Internal Revenue was started. "Sven as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem. The period from 191*6 to 19i>2 saw a large increase in the number of income tax returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually, and in the latest fiscal year its collections reached the record sum of ;§6 $ billion, "That, in brief, is the historical background against which reorgan ization of the Revenue Service is being effected. "In going about this task, we had to remember constantly that the Bureau of Internal Revenue is not like a factory, or an assembly plant, It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on collecting the Nation's revenues and doing the rest of its huge daily job, while making the changes called for in the plan. Ibb 3 166 nThis is the eleventh area in which the reorganization plan has been put into effect* In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington* We shall proceed with reorganization in other districts, on a schedule which calls for completion of the program by December 1st of this year* “Under the skillful direction of Commissioner of Internal Revenue John B* Dunlap* and his associates, the transition is being accomplished smoothly and without inconvenience to taxpayers* “Reorganization Plan No* 1 is not a complicated blueprint understand-* able only b y experts* It is simple* “One of its provisions is to eliminate all non-career offices in the Revenue- Service, with the single excepti on of the Commissioner of Internal Revenue* Every post in the service, with that one exception, will now be filled by Civil Service appointees* “Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the taxpayer and improve methods of supervision* “Here is how the St. Louis District will be administered* “In the State of Missouri, the office of a Director of Internal Revenue is being established for each of two areas, with the offices located in St. Louis and Kansas City* “In Arkansas there will be one Director with his office in Little Rock, and in Kansas there will be one Director with his office in Wichita* “These four Directors replace the former Collectors of Internal Revenue for the three States, and the offices of the Directors are in the same cities as were the offices of the Collectors* “Each Director will maintain supervision over all Federal Revenue Service matters within his particular collection district* Taxpayers are assured of improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality* For convenience, local representatives will be stationed throughout these three states in 101 presently located offices and posts of duty* “For purposes of general area supervision and coordination of local tpc administration, there is being established in St. Louis the office of District Commissioner* This office is a new provision in the reorganization* The District Commissioner for St. Louis' has full responsibility for all field activities of the Bureau in the four Directors1 offices in the three - h - 1G7 States* Under this reorganization there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington« ’»One of the members of the District Commissioner’s staff will be the Assistant District Commissioner for Intelligence* Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action* ’’The task of fighting tax frauds never was an easy one* In recent years the criminal element has attempted tax evasion with greater persistence than ever before* It is our determination that this persist ence will be met by the special agents of the Revenue Service with even greater enforcement diligence* The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is applied to the tax evasion problem* ”In streamlining the Revenue Bureau’s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past* There has been established an independent Inspection Service, under the direction of another Assistant Commissioner, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well* "The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust* The work of Congressional investigative groups has had, and will continue to have, our full cooperation* ”In placing the Reorganization Plan in effect, we have made it our objective that only the most capable persons available would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts* I am confident that our selections for the office of District Commissioner here in St. Louis and the offices of Director of Internal Revenue in Kansas City, Wichita, Little Rock, and here, will measure up to every expectation* ” 1 am proud, as I know you are, of the economic importance of this three-state region. It includes a substantial part of the wheat belt, a substantial part of the cotton belt, and a substantial part of the great industrial enterprises that have marked the forward progress of our Nation» Occupying as this region does an important geographical position between the East and the West and the North and the South, it is also one of the great trading areas of our country* ’’The city of St. Louis, which has been chosen as the location for the headquarters of this Internal Revenue District, was the first real gateway between the East and the West. For more than fifty years before - 5 - 163 Missouri became a state, St* Louis had been an outpost of civilization in the western wilderness« Since the days when pioneers- streamed through the town on.their eager ventures to settle the West and the Far West, St« Louis has grown in size until it is now the eighth largest city in the United States« Through the years it has assimilated successive groups of settlers, blending them into the rich cultural pattern arid the thriving industrial community it is today« ’’The development of these States since pioneer days has been spectacular. But progress has not ceased. During the past decade many new heights of prosperity have been recorded for this region and its people* ’While income payments to individuals in the country as a whole have tripled since 19lt0, this pivotal region has done even better« The percentage gain in these three States was 9 percent greater than that for the Nation. Last year alone, this region showed a 12 percent increase over the previous year« The gain in 1951 is all the more significant because it was in that year that a large portion of this area experienced the most costly and destructive flood in all its history, with attendent loss to the productivity of many of your farms and. some of your industries« ”As your economy has been expanding, so has its importance to our country’s revenue system been growing« ”In the 19l;0 fiscal year, the St. Louis District embraced a population of about 7.5 million individuals who filed about 260,000 income tax returns* By fiscal 1952 the number of individual income tax returns filed had increased to well over 2«8 million *•« a tenfold increase since 19i;0« During this same period, the total number of tax returns filed in the St. Louis ■ District increased from 83^,000 in 19h0 to almost ii-l/2 million in the fiscal year 1952* Total Federal tax collections for this district in the past fiscal year amounted to more than $ 2*6 billion* ”It has given me a great deal of personal satisfaction to meet here today with the enterprising and courageous citizens of the St, Louis District, and to bring to a region so progressive and a people so forward«* looking, an improvement in a vital service of the Federal Government such as that incorporated in the Internal Revenue Reorganization Plan« ”We have had most generous cooperation in arranging today’s ceremony* I want to express our warm appreciation to all those who have taken a part in making this occasion possible« ”It is my firm belief that the result of today’s reorganization proceedings here, and those held or to be held throughout the Nation, will be to give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity*” o0o eai J REIEASE m U d NMSPAFERS, Tuesday, November 18, 1952* The Secretary of the Treasury announced last evening that the tenders Tor ♦1 ,300 ,000,000, or thereabouts, of 91-day Treasury bills t© be dated November 20, 1952, and to mature February 19, 1953, which were offered on November 13, were opened attha Federal Reserve Banks on November 1?. The details of this issue are as followst Total applied for - $1,90&*Q7$*000 Total accepted « 1,300,719,000 (includes 1231,706,000 entered on a Average price non-competitive basis and accepted in full at the average price shown below) - 99*526 Equivalent rate of discount approx» 1.877# per annum Range of accepted competitive bids; High Lour ~ 99.562 Equivalent rate of discount apprese. 1*733# per annua - 99*520 « » » « * 1.8995 * " (là percent of the amount bid for at the low price was accepted) Total Total Federal Reserve A pplied for Accepted District I 17.0U3,000 # 17,01)3,000 Boston 816,803,000 1,360,9U3.000 Hew York 13,895,000 28,895,000 Philadelphia 3 5,81(5,000 35,8U5,000 Cleveland 30,039,000 30 ,039,000 Richmond 23,856,000 23,856,000 Atlanta 12U.732.000 167,652,000 Chicago 33,392,000 31i.5l2.ooo St. Louis 16,689,000 16 ,689,000 Minneapolis UU,607,000 là,607,00 0 Kansas City là,235,000 Dallas là,291,000 99.583,000 100,703,000 San Francisco ,1,300,719.000 TOTAL 11,905,075,000 TR EA SU R Y D EPARTM EN T Information Service 170 RELEASE MORNING NEWSPAPERS, Tuesday, November 18, 1 9 5 2 . S-3234 The Secretary of the Treasury announced last evening that the tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated November 20, 1952, and to mature February 19, 1953, which were offered on November 13, were opened at the Federal Reserve Banks on November 17. The details of this issue are as follows: Total applied for - $1,905,075,000 Total accepted - 1,300,719,000 (includes $231,706,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99.526 Equivalent rate of discount approx. 1.877$ per annum Range of accepted competitive bids: High r- 99.582 Equivalent rate 1.733$ - 99.520 Equivalent rate 1.899$ How W of discount approx. per annum of discount approx. per annum percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for Boston $ New York Philadelphia C le v e la n d Richmond Atlanta Chicago St. Louis Minneapolis Kansas C ity Dallas San F ran cisco TOTAL 17,043,000 1,360,943,000 28,895,000 35.845.000 30.039.000 23 .85 6 . 0 0 0 167 , 6 5 2 , 0 0 0 34.512.000 1 6 .6 8 9 .0 0 0 44.607.000 44.291.000 100,703,000 $1,905,075,000 0O0 Total Accepted $ 1 7 ,0 4 3 , 0 0 0 8 1 6 .8 0 3 . 0 0 0 1 3 .8 9 5 . 0 0 0 35.845.000 30.039.000 2 3 .8 5 6 . 0 0 0 • 124.732.000 33.392.000 1 6 . 6 8 9 .0 0 0 44.607.000 44.235.000 99.583.000 $1,300,719,000 I ll resolve * was the Sfscret of the T present * $ * * # # * * * INSERT: Under S e c r e ta r y F o ley introduced S e c r e ta r y Snyder as the p r i n c i p a l speaker* He r e f e r r e d to the S e c r e ta r y as "the man who m otivated r e o rg a n iz a tio n o f the Revenue S e r v ic e from the v e ry s t a r t , saw i t and whose guidance, i n s p i r a t io n and firm resolve through to accomplishment*M 0O 0 SVI K have had similar cooperation in «%1 ■ik every locality where these in lave es to me s sir' Ck U V A forward that the improved procedures king personne %. o Iy h « ‘J * «Wf il i m I{ U ITT I C €3L U f oy, ¥ «°* •a ^built-in'* assurances of trustworthy nerfor provi co îin w v vï Y f R -4 fS î*l *1 F « «i I» 5 EvH It is the largest Bureau of the Treasury Department, and one of the largest in the entire government, What we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the Government, I 1 I want to express to the people of the five States of Arizona, Colorado, New Mexico, Utah and Wyoming, comprising the Denver District, and to their local official our appreciation of your hospitality and the cooperation which we have had in arranging for this ceremony. . —T " .■ III government as well as the financial affairs of the taxpayer himself* Therefore, it is very much to the taxpayer f$ interest that we are now inaugurating a new and better manner of admini ster ing the Revenue Bureau'! ' responsib ilities. - t The duties of the Bureau involve not only receiving and processing the tax reports of tens of millions of Americans each year, but also the handling of tax returns from partnerships and corporations, excess profits taxes, the excises on cigarettes and liquor and jewOlry and many other items, the taxes on the gains of one"of ^ W %¡sí-V %>%& • government in the history of this country. an now i on race i bn m h a 1 fü i n 9 Your *5 <3> On behalf of the Treasury Department, I want to welcome all of you warmly to these proceedings, the purpose of which is to institute for the States of Arizona, Colorado, New Mexico, Utah and V/yoming, a basic improvement in the organization and methods of the Bureau of internal Revenue, \i These five States form a region which for purposes of internal Revenue Service adminiatrat ion will be known hereafter as the Denver District. 'lThe action which we are taking to reorganize the Revenue Service embodies Release 10:00 a.m. MST (12:00 noon EST) Tuesday, November 25, 1952___________ s- Denver, C o l o ., Nov* 25 - Under S e c r e ta r y o f the Treasury Edward H. F o le y , speaking a t ceremonies in the Barnes School o f Commerce Auditorium fo r th e i n s t a l l a t i o n o f o f f i c i a l s of the reorgan ized I n te r n a l Revenue S e r v ic e fo r Arizona, Colorado, New Mexico, Utah and % om ing, s a id to d ay: u0n b e h a l f o f the • • • • • • TREASURY DEPARTM ENT Information Service Release 10;0Ö a.m. MST (12:00 noon EST) Tuesday, November 2%s 19^2 _________ WASHINGTON, D .C. 179 S-323? Denver, Colo,, Nov# 1$ - Under Secretary of the Treasury Edward H. Foley, speaking at ceremonies in the Barnes School of Commerce Auditorium for the installation of officials of the reorganized Internal Revenue Service for Arizona, Colorado, New Mexico, Utah and Wyoming, said today: "On behalf of the Treasury Department, I want to welcome all of you warmly to these proceedings, the purpose of which is to institute for the States of Arizona, Colorado, New Mexico, Utah and Wyoming, a basic improvement in the organization and methods of the Bureau of Internal Revenue, "These five States form a region which for purposes of Internal Revenue Service administration will be known hereafter as the Denver District# ’The action which we are taking to reorganize the Revenue Service embodies one of the most progressive steps in good government in the his tory of this country# As you know, the Reorganization Plan now being placed in effect received a few months ago the overwhelming approval of the Congress# Your support of it, as indicated by your presence here this morning, is gratifying to all who have had a hand in making this action possible# "The manner in which the Bureau of Internal Revenue functions is of direct concern to every taxpayer. Its activities affect the welfare of the taxpayer*s government as well as the financial affairs of the taxpayer him self. Therefore, it is very much to the taxpayers interest that we are now inaugurating a new and better manner of administering the Revenue Bureau* s responsibilit ie s. "The duties of the Bureau involve not only receiving and processing the tax reports of tens of millions of Americans each year, but also the handling of tax returns from partnerships and corporations, excess profits taxes, the excises on cigarettes and liquor and Jewelry and many other items, the taxes on the gains of gamblers, and a long list of other levies# "In addition to collecting and recording these taxes, the Bureau checks the accuracy of returns, investigates a large number of them in detail, col lects billions in taxes not voluntarily reported and makes refunds on over payments running into billions. 2 ’»That is still not the last of the Bureau’s duties. It has additional tasks such as issuing permits for distillers and the manufacturer of firearms, and the supervision of various angles of the alcoholic beverage business, ”It is the largest Bureau of the Treasury Department, and one of the largest in the entire government, "What we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the Government* ”1 want to express to the people of the five States of Arizona, Colorado, New Mexico, Utah and Wyoming, comprising the Denver District, and to their local officials, our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony. ”We have had similar cooperation in every locality where these in stallations have taken place. This signifies to me that the improved procedures, the forward-looking personnel policy, the advanced design for operating efficiency, and the ’built-in 1 assurances of trustworthy performance which the Reorganization Plan provides have won full public confidence, ”It is my firm belief that this public confidence will prove well placed.” Under Secretary Foley introduced Secretary Snyder as the principal speaker. He referred to the Secretary as ’’the man who motivated re*» organization of the Revenue Service from the very start, and whose guidance, inspiration and firm resolve saw it through to accomplishment#” 0O 0 - 33 £81 the fact that total income payments to individuals in this two-state area amounted to $14 billion last year, as compared with a little over 1/2 billion in increase in this region was 32 percent greater than for the country as a whole during the same period. '/ It is with real satisfaction that we bring to the enterprising citizens of such an enterprising region of America an improvement in income tax returns in the of tax returns filed in our great producers of aircraft and aircraft parts, barges and boats, trailers, tractors, and numerous other items so essential to the successful outcome of our defense effort. Equally impressive is the ever growing importance of these two States to our country’s revenue system. ' In the 1952 fiscal year there were almost 3-1/2 million individual been more vital than in your your increasingly force are being ut i1 ized in s bu iId for our str i es are being rapidly to urgent naval construction is one Director of Internal Revenue in Austin, Oklahoma City, and here, will also measure up to every expectat ion. * Better service to the American citizens and better service to the Nation have real meaning for the people of Texas and Oklahoma, whose history is replete with contributions to America’s progress. Certainly at no time in our history have your contributions to America’s strength our rvice, maintain a constant check e n f o r c e m e n t df Ass istant ioner 24 e v e r y f r a u d u l e n t a t t e m p t to e v ad e F e d e r a l t a xes w i l l bring quick i n v e s t i g a t i o n and action. t/ The task of f i g h t i n g tax f r a u d s never w a s an easy o n e . In r e c e n t y e a r s the c r i m i n a l e l e m e n t has a t t e m p t e d tax e v a s i o n w i t h g r e a t e r p e r s i s t e n c e than ever b e f o r e . It is our d e t e r m i n a t i o n that this p e r s i s t e n c e w i 11 be m e t by the s p e c i a l a g e n t s of the R e v e n u e S e r v i c e w i t h even g r e a t e r are clear and d i r e c t 1 i ity and D i r e c t o r s of Internal Revenue and e District istrict C o m m i s s i o n e r to the C o m m i s s i o n e r in ! s // istrict C o m m i s s i o n e r ’s stg.fix e Assistant District ni i S o for I n t e l l i g e n c e Under his d i r e c t i o n i n t e n s i f ied e f f o r t s ere w ill For p u r p o s e s of g e n e r a l area ' s u p e r v i s i o n and c o o r d i n a t i o n of l o cal tax a d m i n i s t r a t i o n , there is b e ing e s t a b l i s h e d in D a l l a s the o f f i c e of D i s t r i c t C o m m i s s i o n e r . T h is o f f i c e is a new p r o v i s i o n in greater convenience ause h e n c e f o r t h the Oirec locality. For c o n v e n i e n c e , local duty. w i t h i n his p a r t i c u l a r collection district. Taxpayers are assured of i m pr o v e d s e r v i c e ver 19 - Im p r o v e of s u p e r v i s i o n . Is now istrict will be if a In the S t ate of of a 4» lnternal R e v e n u e iO w O f f n I If In D i r e c t o r , w i t h his o f f i c e in one e l i m i n a t e all n o n - c a r e e r o f f i c e s in the R e v e n u e service, wi s i n g l e e x c e p t i o n of tf1 C o m m i s s i o n e r of I F 1 Revenue. ervice, wi at one exce p t i o n, will Civil S e r v i c e a p p o i n t e es . ifiîpo r T ® f e at u r e is the s i m p l i f i c a t i o n of a d m i n i s t r a t i v e so as to elimina di rect ion of A Gomwissi oner of Inter nal R e v e n u e w i t h o u t i n c o n v e n i e n c e to taxpayers. Keorgani zat ion Plan No. 1 is not a c o m p l i c a t e d b l u e p r i n t w m u n d e r s t a n d a b l e only by experts. It is simple. y One of its p r o v i s i o n s is to i nto a d d i t i o n , we reorganized prog I3 ke not be c l o s e d factory, or an for a or a iie an c o l l e c t ing Nat i o n ’s for in the plan, is is the t w e l f t h a i H r e o r g a n i z a t i o n plan has be en receives about 90 million tax returns of ail Kinds annually, sum of $60 billion. Zétion of service If 6 had to r of Internal the filaeh ifiery to accomplish ecessurv o s u l i n WK e . By 1946, ofH.iiLecf. Hr i t . ' *4» i A. a I •t§" U a X !0 it i f* lltfe M o r e w o n àiiu * o m e n became available for civili &. o iiie Ar ifie.c! F k ft Ì ^ % *ar & n eno ¡m . 4« ia X I 11 fc# Cl • iWO f it!ag h iilar y became available w i the reduo tior» in the demands military equipment. It if»db that the wor« of moderni z ino e Bureau of i\ @3 v/ a r SOS ~ i x Q 0 hîù I I cat ! I * rapid w « S rise - L i f\ 4’ f iw» «4» »■' 4* i» IS %» in » a r t ime incomes %%¿-y\ «In stared tax evasions that ffck jk i«covered and rectified. ii inadequacy o lit v e n u e f«e ',b s e r v i c e ’s »! 11 i a 3 t¥ 3 p la i 11jLy a p 13a i *n need for m l m a thorough o v e r h a u l ! n k4 | cunspicuous. Bu t temporarily, u t a s io e . o lone d © aa neith*v a. h Iipv Ti I I men, nor the tiureau, scrupulous protection of the Government revenues, a maintenance of unquest io im e _ Jt o f a eau. 1 have every confidence that i 11 reali zed. qoals repr esent «nu ‘the Con bovernwent au eric tes, nus iness management tir ms, a P a v e r ganizations -- in short, t U1 ite of the N cum d I li 1 û c, V H I Jyft b,JLB # Cl li X H « ©■■ i a T*iSk V*f' & f 1£*4 *% jgj w* et ion are ting efficiency *§* 1:8 X j , accurate service to persons transact ina busi » f> i*# * 79 0 WI ì t/~^—> r e o r g a n iz a t ion tssk have enthusiastic cooperation the Presiuent, Treasury Staff » mi ss Ioner a P his é, In R©organi Bureau. on Plan is t of earnest study a i1 igent in istrat ive experts of the Treasury Depar Revenue oervice it n n Iwl also bfS - 3 - its increased responsibilities fully meriting the confidence of c . you know, has S been selec ipa the m ¡tw è * - ¿ jd * v * * * * ' Internal Revenue district. This city is for which ki s section of is From a log hut built in 41 on ank of the Trinity 2 BIS 1 11 is a ure to be here in to take a p e r s o n a l pa rt our der m rev it a l i ¿e m Federal Revenue Serviee t a te s Texas a \' entersriIins vigor til 0 I o r e a t a c c a m p i is p CO pi& « 11 is a 1 the ’ 'dar e to ü^ yi ü more In fo S e rv ice h e a d in g RELEASE 1 0 A .M . CST W e d n e s d a y , N ov* 1 9 , 1 9 5 2 J o h n W. D a lits , T e x ., N ov. 1 9 S n y d e r, s p e a k in g of th e S c o t t i s h R ite to d a y : at - S e c re ta ry c e re m o n ie s T e m p le f o r i n t e r n a l R evenue S e r v i c e s a id S~ in ^ sam e a s o f th e t h e A u d ito riu m th e i n s t a l l a t i o n o ffic ia ls T re a su ry o f new f o r T e x a s a n d O k lah o m a TREASURY DEPARTMENT Information Service Wa s h in g t o n , d .c . 217 RELFASE 10 A.M. CST Wednesday, Nov« 19j 1952 S-3236 Dallas, Tex*, Nov. 19 - Secretary of the Treasury John W. Snyder, speaking at ceremonies in the Auditorium of the Scottish Rite Temple for the installation of new Internal Revenue Service officials for Texas and Oklahoma, said today: "It is a great pleasure for me to be here in Dallas to take a personal part in the installation of our modernized and revitalized Federal Revenue Service for the States of Texas and Oklahoma.# »This part of the country is well known for the enterprising vigor and the capacity for great accomplishment of its people. It is a section where the »dare to do» is more than a mere slogan. »Such people appreciate the importance of progressive action in all lines of endeavor — - national as well as personal. We are confident that the progressive action being taken here today, under the authority of the President’s Reorganization Plan No. 1 of 195>2, will bring to the taxpayers of Texas and Oklahoma a Revenue Service fully adequate to meet its increased responsibilities and fully meriting the confidence of the public. »Dallas, as you know, has been selected as the home of the principal headquarters for the Texas-Oklahoma Internal Revenue district. This city is typical of the kind of achievement for which this section of the country is noted. From a log hut built in 18U1 on the bank of the Trinity River^ Dallas has grown to.a great manufacturing, financial and distribution center. It is the largest inland cotton market in the country and it is the center of the Nation’s oil production. It is fitting that this progressive city should constantly be enlarging the many ways in which it serves this most progressive region. ’’From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, the Treasury Staff, Commissioner Dunlap and his associates in the Revenue Bureau# »The Reorganization Plan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups representing - 2 - 218 the Congress, other Government agencies, business management firms, and taxpayer organizations — in short, the composite of the most capable consultants available* "The goals of this action are a maximum .of operating efficiency and economy, fast, convenient, and accurate service to all persons transacting business with the Bureau, scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Bureau® I have every confidence that these goals will be realized. "The preparation of the Reorganization Plan was a tremendous task, and it was not accomplished overnight. The study given to the problem covered several years of intensive work, and the final drafting of the plan was not completed until after a long series of preparatory steps had been taken* "The elimination of weak spots from the Internal Revenue Service, and improvements in its operational methods, began at my direction in 191*6 , soon after I became Secretary of the Treasury* T,0ur wartime experience in the Service had demonstrated the necessity for such action* An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era* The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes. It had to assume responsibility almost overnight for the collection of new kinds of taxes, and the application of sharply increased rates on those taxes already in existence. "Collection methods were drastically changed by the installation of the income tax withholding system. Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified* , "The inadequacy of the Revenue Service1s equipment and methods was plainly apparent, and the need for a thorough overhauling was conspicuous. But temporarily, the problem had to be put aside. So long as the war con-* tinued we had neither the time, the men, nor the machinery to accomplish the necessary overhauling. "By 191*6, the situation had changed. More men and women became available for civilian employment as the strength of the Armed Forces declined. More machinery became available with the reduction in the demands for military equipment. It was then that the work of modernizing the Bureau of Internal Revenue was started. "Even as we took the first steps, its attendant prosperity, added to the from-191*6 to 19^2 saw a large increase both individual and corporate, and tax our rapid postwar reconversion, with dimensions of the problem. The period in the number of income tax returns, collections increased proportionately. - 3 - 219 Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually* and in the latest fiscal year its collections reached the record sum of billion. "That, in brief, is the historical background against which reorgani zation of the Revenue Service is being effected. ’’In going about this task, we had to remember constantly that the Bureau of Internal Reyenue is not like a factory, or an assembly plant. It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on col lecting the Nation’s revenues and doing the rest of its huge daily job, while making the changes called for in the plan. ’’This is the twelfth area in which the reorganization plan has been put into effect. I have personally attended all but three of the reorgani zation ceremonies. In addition, we have extensively reorganized the head quarters of the Bureau of Internal Revenue in Washington. We shall proceed with reorganization in other districts, on a schedule which calls for completion of the program by December 1st of this year. ’’Under the skillful direction of Commissioner of Internal Revenue John B. Dunlap, and his associates, the transition is being accomplished smoothly and without inconvenience to taxpayers. ’’Reorganization Plan No. 1 is not a complicated blueprint understand able only by experts. It is simple. ’’One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue. Every post in the service, with that one exception, will now be filled by Civil Service appointees. ’’Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the taxpayer and improve methods of supervision. ’’Here is how the Dallas District will be administered, ”In the State of Texas, the office of a Director of Internal Revenue is being established for each of two areas, with the offices located in Dallas and Austin. ”In Oklahoma there will be one Director, with his office in Oklahoma City, ’’The three Directors replace the former Collectors of Internal Revenue for the two states, and the offices of the Directors are in the same cities as were the offices of the Collectors. - k - *¡8ifflii'"'' ¿¿Q ’•Each Director will maintain active supervision over all Federal Revenue Service matters within his particular collection district* Taxpayers are assured of improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality. For convenience, local representatives will be stationed throughout these three collection districts in 97 presently located offices and posts of duty. “For purposes of general area supervision and coordination of local tax administration, there is being established in Dallas the office of District Commissioner, This office is a new provision in the reorganization. The District Commissioner for Dallas has full responsibility for all field activities of the Bureau in the two States of Texas and Oklahoma. Under this reorganization, there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington. "One of the members of the District Commissioner’s staff will be the Assistant District Commissioner for Intelligence. Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action. "The task of fighting tax frauds never was an easy one. In recent years the criminal element has attempted tax evasion with greater persistence than ever before. It is our determination that this persistence will be met by the special agents of the Revenue Service with even greater enforce ment diligence. The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is applied to the tax evasion problem. "In streamlining the Revenue Bureau’s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past. There has been established an independent Inspection Service, under the direction of another Assistant Commissioner, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well, "The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust. The work of Congressional investigative groups has had, and will continue to have, our full cooperation. "In placing the Reorganization Plan in effect, we have made it our objective that only the most capable persons available .would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts. It gives me extreme pleasure to tell you that a native son of Texas, and one of Dallas* distinguished citizens, John B. Dunlap, who has served so excellently as Commissioner of Internal Revenue in Washington* will now become the District Commissioner for the new Dallas District. I am confident that /•■>r \ ..a ¿ 21 - 5 - our selections for the offices of Director of Internal Revenue in Austin. Oklahoiiia City, and here, will also measure up to every expectation* “Better service to the American citizens and better service to the Nation have real meaning for the people of Texas and Oklahoma, whose history is replete with contributions to America’s progress* Certainly at no time in our history have your contributions to America’s strength been more vital than in the present defense emergency. Once again your rich resources and your increasingly skilled labor force are being utilized in substantial part to build impregnable defenses for our Nation* "* Your petroleum, chemical and nonferrous metal industries are being rapidly ex panded to meet urgent defense needs* Military and naval construction likewise are rapidly expanding* Texas is one of our great producers of aircraft and aircraft parts, barges and boats, trailers, tractors, and numerous other items so essential to the successful outcome of our defense effort* “Equally impressive is the ever growing importance of these two States to our country’s revenue system. “In the 1952 fiscal year there were almost 3-1/2 million individual income tax returns filed in the two-state area which now comprises the Dallas District — an almost tenfold increase since 19^0. The total number of tax returns filed in this district in fiscal 1952 amounted to over 5 million, as compared with 962,000 in fiscal I9 h 0, Federal tax collections from these States in the past fiscal year were over 32-3/U billion* .. Progress of th® People of this region is evidenced by the iact that total income payments to individuals in this two-state area amounted to :>lh billion last year, as compared with a little over ¿3 -1 /2 biUion m 19h0. The increase in this region was 32 percent greater than lor the country as a whole during the same period* ^ ds citizens of such vital service of Internal Revenue ^eal satisfaction that we bring to the enterprising an enterprising region of America an improvement in a the Federal Government such as that incorporated in the Reorganization Plan. «IT ,,7 'We have had most generous cooperation in arranging today's ceremony, i want to express our warm appreciation to all those who have taken a part m making this occasion possible. It is my firm belief that the result of today’s reorganization hA°+!!e<^ ngS4.uer?* a?d those held or to be held throughout the Nation, will Ve the American PeoPlP a Revenue Service, of maximum efficiency and peratmg economy, manned by employees of unquestioned integrity.” oOo J job of District Commissioner right here in his own home town. "I can only wish for him health and happiness commensurate with the success he has already attained and which I am sure he will continue to have in this new and very important ass ignment." - I - courage, and determination. "His love for the Bureau of Internal Revenue is, I am sure, matched only by his affection for Texas. So from today it is no longer necessary for him to choose between his desire to serve the Bureau in a position of key importance and his yearning to return to the Lone Star State, for he will now be able to devote his tireless drive and energy to the H carrying out the management improvement program for the Bureau of Internal Revenue that had been developed since World War II, and which culminated in Reorganization Plan Number 1 of 1952, which we are today effectuating for this area by installation of the officials of the Dallas District. "Throughout his labors in w Washington, Commissioner Dunlap has performed his duties with candor, 6 been upon him as he guided the Bureau of Internal Revenue through one of the most perilous periods in its history. With firm resolve he set out to identify and remove the relatively few officials and > employees unworthy of their high public trust and to establish permanent safeguards to insure a thoroughly honest career service. He cooperated fully with the officials of the Treasury Department in ! F Commissioner of Internal Revenue. "With this record of superior career service in every major area of tax administration in mind, it was an easy decision for me to recommend him to the President as the best possible man for appointment as Commissioner of Internal Revenue -- which office he assumed on August 1, 1951. "From that day to this, not only the eyes of Texas, but the piercing scrutiny of the entire country, have E "In April 1947, Mr. Dunlap became Acting Collector of Internal Revenue and in March 1949, he was appointed Collector of Internal Revenue at Dallas. "Less than a year later he was appointed Internal Revenue Agent in Charge, Dallas Division, in February 1950, and from this post he was called to Washington in April of 1951 to become the Director of the Special Tax Fraud Drive in the office of the D the rank which he now holds with the 22nd Armored Division of the active reserve; and, the intimate knowledge about the field operations of the Bureau of Internal Revenue which he had acquired on the front line from his service as deputy collector in the office of the Collector of Internal .i Revenue, Dallas, beginning in 1934, and his subsequent service as Assistant Chief and Chief of the Field Division. c Service as a special task force on postwar field management problems. His work as a member of this group reflected his training in Business Administration at Southern Methodist University; his business experience while engaged in highway construction work; his leadership while in military service in World War II, during which he rose from the rank of Major in the j 56th Cavalry Brigade, Texas National 6uard, to that of Brigadier General, B ago, in his rapid, steady rise in the military and civilian service of his country are outstanding -even for a native of Texas. "I had been Secretary of the Treasury but a short time when his capabilities first came to my attention. In 1947, we summoned Mr. Dunlap, then Assistant to the Collector of Internal Revenue at Dallas, to meet with other key personnel of the Internal Revenue A 3 ^ 37 RECORD OF SERVICE OF COMMISSIONER DUNI A "I take this opportunity publicly to commend Commissioner of Internal Revenue John B. Dunlap and to express personally and officially my appreciation for the service which he has rendered the Bureau of Internal I Revenue and the Treasury Department. The accomplishments of Mr. Dunlap, who was born in Dallas just 4-9 years TREASURY DEPARTMENT Information Service WASHINGTON, D .C. i . . v»/ 4 L. POH RELEASE 11:00 a.m, EST Wednesday, November 19, 1952 S-3237 Secretary Snyder today issued the following statement concerning Commissioner of Internal Revenue John B. Dunlap, who leaves that position today to become District Commissioner for the States of Texas and Oklahoma in the reorganized Revenue Service: ”1 take this opportunity publicly to commend Commissioner of Internal Revenue John B. Dunlap and to express personally and officially my appreciation for the service which he has rendered the Bureau of Internal Revenue and the Treasury Department. The accomplishments of Mr. Dunlap, who was born in Dallas just 49 years ago, in his rapid, steady rise in the military and civilian service of his country are outstanding even for a native of T e x a s . ”1 had been Secretary of the Treasury but a short time when his capabilities first came to my attention. In 1947> we summoned Mr. Dunlap, then Assistant to the Collector of Internal Revenue at Dallas, to meet with other key personnel of the Internal Revenue Service as a special task force on postwar field management problems. His work as a member of this group reflected his training in Business Administration at Southern Methodist University; his business experience while engaged in highway construction work; his leadership while In military service in World War II, during which he rose from the rank of Major in the 56th Cavalry Brigade, Texas National Guard, to that of Brigadier General, the rank which he now holds with the 22nd Armored Division of the active reserve; and, the intimate knowledge about the field operations of the Bureau of Internal Revenue which he had acquired on the front line from his service as deputy collector*in the office of the Collector of Internal Revenue, Dallas, beginning in 1934,and his subsequent service as Assistant Chief and Chief of the Field Division. "In April 1947, Mr. Dunlap became Aóting Collector of Internal Revenue and in March 1949* he was appointed Collector of Internal Revenue at Dallas. - 2 - "Less than a y e a r later he was a p p o i n t e d I n t e r n a l Re v e n u e Agent in Charge, D a l l a s Div i s i o n , in F e b r u a r y 1950, and f r o m this post he was c a l l e d to W a s h i n g t o n in A p ril of 1951 to become the Director of the S p e c i a l T ax F r a u d D r ive in the office of the Commissioner of In t e r n a l Revenue. "With this r e c o r d of s u p e r i o r c a r e e r service in e v e r y m a j o r area of tax a d m i n i s t r a t i o n in mind, it was an e a s y d e c i s i o n for me to r e c o m m e n d h i m to the P r e s i d e n t as the best p o s s i b l e m a n for appointment as C o m m i s s i o n e r of In t e r n a l R e v e n u e -- w h i c h office he assumed on A u g u s t 1, 1951* "From that d a y to this, not only the eyes of Texas, but the piercing s c r u t i n y of the e n tire country, have b e e n u p o n h i m as he guided the B u r e a u of In t e r n a l Re v e n u e t h r o u g h one of the m o s t perilous p e r i o d s in its histo ry. W i t h f i r m r e s o l v e he set out to identify and r e move the r e l a t i v e l y f e w o f f i c i a l s and e m p l o y e e s unworthy of t h eir h i g h p u blic trust and to e s t a b l i s h p e r m a n e n t safeguards to insure a t h o r o u g h l y h o n e s t c a r e e r service. He cooperated f u l l y w i t h the o f f i c i a l s of the T r e a s u r y D e p a r t m e n t in carrying out the m a n a g e m e n t i m p r o v e m e n t p r o g r a m fo r the B u r e a u of Internal Revenue that had bee n d e v e l o p e d since W o r l d W a r II, and which c u l m i n a t e d in R e o r g a n i z a t i o n P l a n N u m b e r 1 of 1952, w h i c h we are today e f f e c t u a t i n g for T e x a s and O k l a h o m a b y i n s t a l l a t i o n of the off i c i a l s of the D a l l a s D i s t rict. " T h r o ughout his labors in W a s h i n g t o n , C o m m i s s i o n e r D u n l a p has performed his d u ties w i t h candor, courage, and d e t e r m i n a t i o n . "His love fo r the B u r e a u of I n t e r n a l R e v e n u e is, I a m sure, matched o n l y by his a f f e c t i o n f or Texas. So f r o m t o d a y it is no longer n e c e s s a r y f or h i m to choose b e t w e e n his desire to serve the Bureau in a p o s i t i o n of k ey i m p o r t a n c e and his y e a r n i n g to r e t u r n to the Lone S tar State, f o r he will n o w be able to d e vote his tireless drive and e n e r g y to the job of D i s t r i c t C o m m i s s i o n e r r i g h t in his own home town. I can o n l y w i s h f o r h i m h e a l t h and h a p p i n e s s c o m m e n s u r a t e with the success he has a l r e a d y a t t a i n e d and w h i c h I am sure he will continue to have in this n e w and v e r y i m p o r t a n t a s s i g n m e n t . " oOo LO v i efficiency o p e r a bbS economy, e & most We have c o o p e r a t i o n in arrant ceremony. w a r m a p p r e c i a t i o n to all os sve taken a part in m a k i n g this o c c a s i o n v It n is r e s u l t of t o d a y ’s r e o r g a n i z a t i o n ad inos here, about o be iiwu i11 se ne l i v e r ican peo R e v e n u e Service of m a x i m u m you look to the future. Tl 1nat itute, 8 irm inghami, j3 a product that new §j it . ion of the bigges scientific ii new value to of Ii v ina southern a now oroduce. » o f I j v i fiy, w h i c h V i 3 evidenced a ls o by 4» k. eni<sit-ed o p p o r t u n i t i e s w za t1n i nor uaseJ i €0 era in a g r i c u l t u r a l i }vi oh h a s s i § ft i go me i can tiy pro ductivi tu y o u r f a r m e r s would be U eos 11 1on Li of district Commissioner Int fe,,? %é ireo © i o isory posts. I select i id e n t ¡strict for i s.s ione in a i m i n g the offices of Internal Revenue in ¡rector fâ T r¡• \£ #*I '- g » The Treasury a Revenue Bureau have it ive steps to eliminate erv ice fa ile investigative groups has h a d , and will cont inue to have, our se conduct, at ions succumbed ft B 8 in the past. e 11 a b 1 is There has an independent action Servic e , Assi stant irect ion a inta in is s ioner, on conduct watch Revenue b e fo r e . It is our d e t e r m i n a t i o n that this p e r s i s t e n c e will be m e t by the s p e c i a l a g e n t s of the R e v e n u e S e r v i c e w i t h even greater enforcement s s loner The A s s i s t a n t 0 i for Intellige w i l l see that full l i m i t of avai is a p p l i e d to the tax evasion In s t r e a m l © er at ioris, be the Assistant District Commissioner for Intelligence. Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action. \\ NThe task of fighting tax frauds never was an easy one. In recent years the criminal element has attempted tax evasion with persistence than ever Lou is ia n a . r e o r g a n i z a t i o n , there are clear and d i r e c t l i n e s of authority ioner the D i s t r i c t C o m m i s s i o n e r to the C o m m i s s i o n e r in W a s h i n g t o n , w ii l«JM»l fi y p d r ¥ i è i o o and coordination of local tax administration, there 6§S *' 1® " I ifi Each d i r e c t o r will m a i n t a i n s u p e r v i s i o n over all F e d e r a l Revenue S e r v i c e m a t t e r s w i t h i n his State. T a x p a y e r s are a s s u r e d of impr o v e d s e r v i c e and g r e a t e r c o n v e n i e n c e because h e n c e f o r t h the d ire c to r; or his local r e p r e s e n t a t i v e , will be r e s p o n s i b l e tax m a t t e r s in his l o c a l i t y . For c o n v e n i e n c e , l o cal r e p r e s e n t a t i v e s will t h r o u g h o u t these three Here is how the B i r m i n g h a m D i s t r i c t f will be a d m i n i s t e r e d . i In e a c h of the three S t a t e s of t h i s d i s t r i c t there is b e i n g e s t a b l i s h e d the o f f i c e of a Director of I n ternal R e venue. The headquarters of the D i r e c t o r s w i l l be in the same l o c a t i o n s -- B i rm i n g h a m , J a c k s o n and Mew O r l e a n s — as w e r e the h e a d q u a r t e r s of the f o r m e r Collectors of Internal R e v e n u e w h o m the D i r e c t o r s replace. I2S devenue Service, ith the si ne le exception of the Commissioner of Interna1 Revenue. f exception, f W Ï one I fi ;ill i1 Service appo . in Every ees. important cation and re c.: so as of administrative a to eliminate complexities taxpayer and improve suparv isio n . i ■I » 1« 1I of - 18 - ^ U n d e r the s k i l l f u l d i r e c t i o n of thef ,C o m m i s s i o n e r of Internal TV R e v e n u e and his a s s o c i a t e s * the t r a n s i t i o n is b e i n g a c c o m p l i s h e d s m o o t h l y and w i t h o u t i n c o n v e n i e n c e to t a x p a y e r s . ' R e o r g a n i z a t i o n Plan No. 1 is not a c o m p l i c a t e d b l u e p r i n t u n d e r s t a n d a b l e o n l y by experts. It is simple. ^ One of its p r o v i s i o n s is to e l i m i n a t e all n o n - c a r e e r o f f i c e s r I 17 a tcS as refliso i'¿s., In 3 iti o n , extensively reorganized t in bistr icts which calls on a hug 8 15 ‘"That, in brief, is the hi 3 1 or ica1 oauk^round ayai nat which reorganization of the Nevenue service is oe ing Revenue is not like a factory, or &o ckssofno ly plant. it could not be closed down for proape r» ity, dimensions y 1 rom 1946 to 1852 saw a large increase income tax returns individual and corpora increased tax collec roport ionately. u a of Internal hevenue reeei million tax returns of , ana in k in 3 fiscal year t record sum of $60 h T3S available for civili a«w sirengtn r 0TC68 declined, %m ó fi tore available wI reduction in equipment. It was then work of modernizing the the Revenue Servi ce ai # | O « tu v a o wa S apparent, and a thorough overhauling ai ily, problem had to y «o ne * H war cant s» m a machinery to accomplish the necessary overhauling. \\ y ituat ion ¡wore men and women a * r ‘i and rectified. 1 •''«T,-§> modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era. The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes. It had to assume responsibility almost overnight for the collection of new kinds VI - 9 ei. I ft)I û o n from the Internai Revenue Service, îretary ois :Wk %J Js&'f* N „ time experience in >6r v iq ë h & fl osiiion e necessity A n *Si ♦* p. W I such action. oruan izat ion which had ’ 5#' •fairly in its earlier ars , it collected comparatively be realized. \\ The preparation of the an izat ion Plan was a tremendous task, and it overnian t . study given to the rs of the fi nal intensi ve drafting of not unt i1 series of preparatory been taken. had - 7 - f" ^ O tdS consultants available. t\ . The goals of this action are a maxi mum of operating and economy, fast, convenient, and accurate service to all I! persons tra w Sureau, scrupulous protect! & a itree nance of ur 11 integi ity the e111 of the Bureau. 1 have every the ù'J i11 brought to you pursuant to the provisions of the President's Reorganization Plan No. 1 of 3jÉpP v from the very beginning of ¡ 9 - the reorganization task have asury Revenue Bureau. / nonetheless authentic, is the of record ox Internal Revenue the Sureau *8 largest into one of ani zat ions, our efforts in recent I to improve the Bureau’s structure IS S3 culmi na reorganiz In to in'1 ittle more s t r o n g , diversifiod. &nd byiIding productive e c o n o m y . \\ The ksy to much of your progress lies in cities like Birmingham, -whose I * || * expansion in industrial lines haf- brought new vitality to an «oonowy too long dependent upon the whims of King Cotton and other crops of the soil. The emergence of Birmingham fro» a cotton field crossed fey two railroads into one of the w o r l d ’s foremost 63S Í I am happy to participate in these ceremonies ing to i , M l ® Louisiana a modernized rev itali Revenue ler v ice . ^ Modernization and real in In fo S e rv ice h e a d in g 3 ? f e 3 RELEASE 1 0 A .M . CST ( 1 1 A .M . E S T ) T h u r s d a y , N ov* 2 0 ^ R i R evenue S e r v ic e s a id to d a y : A l a * , N o v* 2 0 •• S e c r e t a r y s p e a k in g a t c e re m o n ie s B irm in g h a m -S c u th e rn (s a m e as fo le y ) 1952 ngham , Jo h n W . S n y d e r, S- $ C o lle g e o ffic ia ls f o r th e o f th e T re a s u ry i n H unger H a ll o f in s ta lla tio n c £ n ew I n t e r n a l f o r A la b a m a , M i s s i s s i p p i and L o u is ia n a , 271 RELEASE 10 A.M. GST (11 A.M. EST) Thursday, Nov* 20, 19^2__________ S-3238 Birmingham, Ala., Nov. 20 - Secretary of the Treasury John ¥. Snyder, speaking at ceremonies in Hunger Hall of Birmingham^Southern College for the installation of new Internal Revenue Service officials for Alabama, Mississippi and Louisiana, said today: \ "I am happy to participate in these ceremonies today which bring to Alabama, Mississippi, and Louisiana a modernized and revitalized Internal Revenue Service. "Modernization and revitalization are words which have real meaning for the people of the South, who are themselves so dramatically demonstrating the practical application of these words in building a strong, diversified, and productive economy. “The key to much of your progress lies in cities like Birmingham, whose expansion in industrial lines has brought new vitality to an economy too long dependent upon the whims of King Cotton and other crops of the soil. The emergence of Birmingham from a cotton field crossed.by two railroads into one of the world*s foremost steel centers, in little more than the span of one man*s life, attests the resourcefulness and vision of a people. Today the tempo of this ‘youngest of the world*s great cities* is the pulsative tempo of a new South — young* vibrant, and eager to constantly open up new economic frontiers for a region and for a nation. “Somewhat more prosaic, but nonetheless authentic, is the record of the development of the Bureau of Internal Revenue into one of the world*s largest business organizations, and of our efforts in recent years to improve the Bureau’s structure and operating methods so as to keep it fully abreast of its great responsibilities. These efforts culminate in today’s reorganization proceedings, brought to you pursuant to the provisions of the President's Reorganization Plan No. 1 of 1952. “From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, the Treasury Staff, and the personnel of the Revenue Bureau* "The Reorganization Plan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups representing - 2 - the Congress, other Government agencies* business management firms* and taxpayer organizations -- in short* the composite of the most capable consultants available» »The goals of this action are a maximum of operating efficiency and economy* fast* convenient* and accurate seryice to all persons transacting business with the Bureau* scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Bureau* I have every confidence that these goals will be realized* nThe preparation of the Reorganization Plan was a tremendous task* and it was not accomplished overnight* The study given to the problem covered several years of intensive work* and the final drafting of the plan was not completed until after a long series of preparatory steps had been taken* "The elimination of weak spots from the Internal Revenue Service* and improvements in its operational methods* began at my direction in 19Uo* soon after I became Secretary of the Treasury* »our wartime experience in the Service had demonstrated the necessity for such action* An organization which had worked fairly well in its earlier years* when it collected comparatively modest amounts of taxes from relatively fex-r people* had been almost overwhelmed by the unprecedented demands made on it in the World War XI era* The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes* It had to assume responsibility almost overnight for the collection of new kinds of taxes* and the appli«» cation of sharply increased rates on those taxes already in existence* MCollection methods were drastically changed by the installation of the income tax withholding system* Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified* »The inadequacy of the Revenue Service’s equipment and methods was plainly apparent* and the need for a thorough overhauling was conspicuous* But temporarily* the problem had to be put aside* So long as the war continued we had neither the time* the men* nor the machinery to accomplish the necessary overhauling* »By 19U6, the situation had changed. More men and women became available for civilian employment as the strength of the Armed Forces declined* More machinery became available with the reduction in the demands for military equipment* It was then that the work of modernizing the Bureau of Internal Revenue was started. - 3 - 273 11Even as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem. The period from 19U6 to 1952 saw a large increase in the number of income tax returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually, and in the latest fiscal year its collections reached the record sum of $65 billion. '»That, in brief, is the historical background against which reorgan ization of the Revenue Service is being effected. '»In going about this task, we had to remember constantly that the Bureau of Internal Revenue is not like a factory, or an assembly plant. It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on collecting the Nation's revenues and doing the rest of its huge daily job, while making the changes called for in the plan. "This is the thirteenth area in which the reorganization plan has been put into effect. I have personally attended all but three of the reorgan ization ceremonies. In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington. We shall proceed with reorganization in other districts, on a schedule which calls for completion of the program by December 1st of this year. "Under the skillful direction of the Commissioner of Internal Revenue and his associates, the transition is being accomplished smoothly and without inconvenience to taxpayers. "Reorganization Plan No. 1 is not a complicated blueprint understandable only by experts. It is simple. "One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue. Every post in the service, with that one exception, will now be filled by Civil Service appointees. "Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the taxpayer and improve methods of supervision. "Here is how the Birmingham District will be administered. "In each of the three States of this district there is being established the office of a Director of Internal Revenue. The headquarters of the Directors will be in the same locations — Birmingham, Jackson and New Orleans — as were the headquarters of the former Collectors of Internal Revenue whom the Directors replace. 274 - h - "Each Director will maintain supervision over all Federal Revenue Service matters within his State. Taxpayers are assured of improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality. For convenience, local representatives will be stationed throughout these three States in Ul presently located offices and posts of duty. "For purposes of general area supervision and coordination of local tax administration, there is being established in Birmingham the office of District Commissioner. This office is a new provision in the reorgan ization. The District Commissioner for Birmingham has full responsibility for all field activities in the three States of Alabama, Mississippi and Louisiana. Under this reorganization, there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington. "One of the members of the District Commissioner’s staff will be the Assistant District Commissioner for Intelligence. Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action. "The task of fighting tax frauds never was an easy one. In recent years the criminal element has attempted tax evasion with greater persistence than ever before. It is our determination that this persistence will be met by the special agents of the Revenue Service with even greater enforcement diligence. The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is applied to the tax evasion problem. "In streamlining the Revenue Bureau’s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past. There has been established an independent Inspection Service, under the direction of another Assistant Commissioner, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well. "The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust. The work of congressional investigative groups has had, and will continue to have, our full cooperation. "In placing the Reorganization Plan in effect, we have made it our objective that only the most capable persons available would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts. I am confident that our selections for the office of District Commissioner here in Birmingham and the offices of Director of Internal Revenue in Jackson, New Orleans and here, will measure up to every expectation, - 5 - 275 «The region which these officers will serve is, as I mentioned earlier, a tremendously revitalized economic area in our country and one which holds great promise in the future progress of our Nation. The resurgence of its economy has been particularly noteworthy in just the past decade* “'While income payments to individuals in the country as a whole have tripled since 19 I1O, these three southern States have done even better* The" percentage gains in these States was 2$ percent greater than that for the Nation. “Your economic advance is not evidenced solely by greater incomes and the higher standards of living which you enjoy* It is evidenced also by the enlarged opportunities which increased industrialization has brought to the people in your cities and towns, and the new era in agricultural productivity which has come to your farmers as a result of farm mecha nization and new farming techniques. “Your progress is significantly evident in the new spirit with which you look to the future. The Southern Research Institute, conceived in Birmingham, is a product of that new spirit. Bringing together the biggest collection of scientific brains in the South, its laboratories are ever seeking new ways of giving added value to southern raw materials and better ways to make the things you now produce. “As your economy is expanding, so is its importance growing to our country’s revenue system. “In the 19^2 fiscal year there were over 1-3A million individual income tax returns filed in the three States which now form the Birmingham District — a seventeenfold increase since 19U0* The total number of tax returns filed in this district in fiscal 19^2 amounted to approximately 3 million, as compared with 3>00,000 in 19 )40 . Federal tax collections from these States in fiscal 19^2 amounted to $1 billion. “It is with much satisfaction that we bring to such a revitalized segment of America a modernized and revitalized Federal Revenue Service such as that incorporated in the Internal Revenue Reorganization Plan. “We have had most generous cooperation in arranging today’s ceremony. I want to express our warm appreciation to all those who have taken a part in making this occasion possible. "It is my firm belief that the result of today’s reorganization pro ceedings here, and those held or to be held throughout the Nation, will be to give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity.” 0O0 "T h e p e rm its th e R evenue to n a m in g o f M r» G ra h a m a s A c t i n g ca re e r o ffic ia ls e n e rg e tic a lly o f r e o r g a n iz a t io n ," o f th e B u re a u a p p ly th e n s e lv e s S e c re ta ry Snyder s a id * C o m m i s s io n e r of to In te rn a l th e f u r t h e r i n g 2^ s*ÿis*^..j f Ç"., ^ &* ■ ”^-m " / S e c r e t a r y S n y d e r a n n o u n c e d t o day that A s s i s t a n t S e c r e t a r y of the T r e a s u r y J o h n S. G r a h a m w i l l a s s u m e the f u n c t i o n s of A c t i n g C o m m i s s i o n e r of I n t e r n a l Revenije, e f f e c t i v e W ednesday, November 19, 1952,^< The d e s i g n a t i o n of Mr. G r a h a m as A c t i n g C o m m i s s i o n e r is in a d d i t i o n to h is p r e s e n t d u t i e s as A s s i s t a n t S e c r e t a r y . T he p r e s e n t C o m m i s s i o n e r of J o h n B. Dunlap, I n t e r n a l Revenue, w i l l be s w o r n in o n W e d n e s d a y as D i s t r i c t C o m m i s s i o n e r for the S t a t e s of T e x a s and O k l a h o m a in the r e o r g a n i z e d I n t e r n a l R e v e n u e Service. T he a c t i o n of the S e c r e t a r y in d e s i g n a t i n g Mr. Graharç as A c t i n g C o m m i s s i o n e r w a s t a k e n u n d e r the a u t h o r i t y v e s t e d in the S e c r e t a r y by R e o r g a n i z a t i o n P l a n No. ’3 26 of ; 278 RELEASE MORNING NEWSPAPERS, Tuesday, November 18, 19 5 2 * S-3239 Secretary Snyder announced today that Assistant Secretary of the Treasury John S. Graham will assume the functions of Acting Commissioner of Internal Revenue, effective Wednesday, November 19> 1952, and continuing until the appointment of a Commissioner by the new Administration, The designation of Mr. Graham as Acting Commissioner is in addition to his present duties as Assistant Secretary. The present Commissioner of Internal Revenue, John B, Dunlap, will be sworn in on Wednesday as District Commissioner for the States of Texas and Oklahoma in the reorganized Internal Revenue Service. The action of the Secretary in designating Mr. Graham as Acting Commissioner was taken under the authority vested in the Secretary by Reorganization Plan No. 26 of 1950« “The naming of Mr. Graham as Acting Commissioner permits the career officials of the Bureau of Internal Revenue to energetically apply themselves to the furthering of reorganization,” Secretary Snyder said. oOo /■% »3^ r^i HOV 12 O T M w u m m t TO ifft. BARtfflJi The follcwing transaeüons were made in direct «ad guaranteed securities cf the Govermaßt for Treacury i®r««t~ amt and othar accounts during the aoath cf Octctoarf 1952* Pcrchaees ,•*♦*•**•***»♦•» Sales • *••*••••••••♦*•*♦ ,,.^¿¿22> Set purehaces . • . * * * * • • * * * » ♦ Charles T* Brannaaf Chief, IUviaion of C D. of I. No. 36 Wisecarver/iaih/llA2/52 InvQstm m tß 1 TREASURY DEPARTMENT Information Service Wa s h in g t o n , d .c . RELEASE MORNING- NEWSPAPERS, V/©eins sda y , «Qc wob©x* ' &*5i 103 G • ¿¡ê<z£!ïjioty During the month of -Soptomber, 1952 market transactions In direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of Secretary Snyder announced today. 0O0 TREASURY DEPARTMENT Information Service Wa s h in g t o n , d .c . R E L E A S E M O R N I N G N EWSPAPERS, Wednesday, November 19 j 1952 S-3240 During the month of October, 1952 market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of $16 ,5 ^ 3 .»500, Secretary Snyder announced today. 0O0 - 3 - subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 1*2 and 117 (a) (l) of the Internal Revenue Code, as amended by Section llf> of the Revenue Act of 19hl, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. Ul8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. 2 dealers in investment- securities. - Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on November 28. 1952 5 in cash or other immediately available funds or in a like face amount of Treasury bills maturing Cash and exchange tenders will receive equal treatment. November 28, 1$SL Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gein from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be xM&mxtxz mam ac TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, November 20, 1952 . 0$ .5- // The Secretary of the Treasury, by this public notice, invites tenders for $1,300*000*000 * or thereabouts, of 90 -day Treasury bills, for cash and in exchange for Treasury bills maturing the amount of $1,299*887*000 November 28, 1952 , in * to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated November 28, 1952 The bills , and will mature February 26« 1953____ , when the face amount will be payable without in- im x. terest. They will be issued in bearer form only, and in denominations of $1,000, 15,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, November 2i±, 1952* .... ---- 777T---- *---- ttogt Tenders will not be received at the Treasury Department, Washington, Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TREASURY D EPARTM EN T Information Service release m o rbi ; « u ew spa pers , Thursday, November 2 0 , 1952 WASHINGTON, D .C. 285 S -3 2 4 1 The S e c r e t a r y o f .-the T r e a s u r y * by t h i s p u b lic n o t i c e , . i n v i t e s te n d e r s for £ 1 ,3 0 0 ,0 0 0 ,0 0 0 , or t h e r e a b o u t s , o f 90 -d ay T re a su r y b i l l s , f o r c a sh and in exchange f o r T re a su ry b i l l s m atu rin g November 2 3 , 1952, in th e amount of 1 1 *2 9 9 ,8 8 7 ,0 0 0 , t o be i s s u e d on a d isc o u n t b a s i s under c o m p e titiv e and non -com petitive b id d in g as h e r e i n a f t e r p ro vid ed # The b i l l s o f t h i s s e r i e s w ill be d a te d November .2 8 , 1 9 52, and w i l l m ature F e b ru ary 2 6 , 1953, when the fa c e amount w i l l be p a y a b le w ith o u t i n t e r e s t « They w i l l be is s u e d in bearer form o n ly , and in d en om in ation s' o f $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 ,- $ 1 0 0 ,0 0 0 , $500,000 and $ 1 ,0 0 0 ,0 0 0 (m a tu rity v a lu e )# , Tenders w i l l be r e c e iv e d a t F e d e r a l R eserv e Banks and B ran ch es up t o the c lo s in g h o u r, two o *c lo c k p *m *, E a s te r n S ta n d a rd tim e , Monday, November 2 4 ,.. 1952* T enders w i l l n ot be r e c e iv e d a t th e T re a su r y D epartm ent, W ashington* Each te n d e r must be f o r an even m u lt ip le o f $ 1 ,0 0 0 , and in th e c a se o f com petitive te n d e r s "the p r ic e o f f e r e d must be e x p r e s se d on th e b a s i s o f 100, w ith n ot more th a n th r e e d e c im a ls , e # 9 9 *9 2 5 * F r a c t i o n s may n ot be used* I t i s u rged t h a t te n d e r s be made' on th e p r in te d form s and fo rw ard ed in the s p e c i a l e n v e lo p e s which w i l l be s u p p lie d by F e d e r a l R eserv e Bonks or Branches on a p p l i c a t i o n t h e r e f o r * , O thers th an ban kin g i n s t i t u t i o n s w i l l n ot be p e rm itte d to subm it te n d e r s except fo r t h e i r own ac co u n t* T en ders w i l l be r e c e iv e d w it h o u t d e p o s it from in co rp o rated ban ks and t r u s t .com panies and from r e s p o n s ib le and r e c o g n iz e d d ealers in in vestm en t s e c u r i t i e s * T en ders from o th e r s must be accom panied by payment o f 2 p e r c e n t * o f th è f a c e amount o f T re a su r y b i l l s a p p lie d f o r , » ' Unless th e te n d e r s a re accom panied by an e x p r e s s g u a ra n ty o f payment by an I in co rp o rated bank or tr u s t'c o m p a n y * Im m ediately a f t e r th e c lo s in g h o u r, te n d e r s w i l l be opened a t th e Federal R eserv e Banks and B ra n c h e s, fo llo w in g w hich p u b lic announcement w i l l be made by th e S e c r e t a r y o f th e T re a su ry of th e amount and p r ic e ran ge o f accepted b i d s * Those su b m ittin g te n d e r s w i l l be a d v ise d o f th e a c ce p ta n c e or r e je c t i o n t h e r e o f . The S e c r e t a r y o f th e T re a su ry e x p r e s s l y r e s e r v e s th e righ t t o accep t o r r e j e c t any o r a l l t e n d e r s , in "whole o r in p a r t , and h is action in any such r e s p e c t s h a l l be f i n a l * S u b je c t t o th e s e r e s e r v a t i o n s , non-com petitive te n d e r s f o r $ 2 0 0 ,0 0 0 or l e s s w ith o u t s t a t e d p r ic e from any one b id d er w i l l be a c c e p te d in f u l l a t th e a v erag e p r ic e ( in th r e e d e c im a ls ) • 2 - o f a c c e p te d c o m p e titiv e b i d s « S e ttle m e n t f o r a c c e p te d te n d e r s in accordance w ith th e b id s must be made or com pleted a t th e F e d e r a l R eserv e Bank on November 2 8, 19 5 2 , in c a sh or o th er im m ed iately a v a i l a b l e fu n d s or in a lik e fa c e amount o f T re a su ry b i l l s m atu rin g November 2 8 , 1952# Cash and exchange te n d e r s w i l l r e c e iv e e q u a l tr e a tm e n t« Cash a d ju stm e n ts w i l l be made f o r d i f f e r e n c e s betw een th e p a r v a lu e o f m atu rin g b i l l s a c c e p te d i n exchange and th e i s s u e p r ic e o f th e new b i l l s # The income d e r iv e d from T re a su r y b i l l s , whether i n t e r e s t o r g a m from th e s a l e or o th e r d i s p o s i t i o n o f th e b i l l s , s h a l l not have ary exem ption , as su c h , and l o s s from th e s a l e or o th e r d i s p o s i t i o n o f T re a su r y b i l l s sh a ll not have any s p e c i a l tr e a tm e n t, a s su c h , under th e I n t e r n a l Revenue Code, or laws : am endâtory o r su p plem en tary th e re to # The b i l l s s h a l l be s u b je c t t o e s t a t e , in h e r it a n c e , g i f t o r o th e r e x c is e t a x e s , w hether F e d e r a l o r S t a t e , but s h a l l be exempt from a l l t a x a t i o n now or h e r e a f t e r im posed on th e p r i n c i p a l or i n t e r e s t t h e r e o f by an S t a t e , or any o f th e p o s s e s s io n s o f the U n ited S t a t e s , o r by any l o c a l t a x in g a u th o r ity # F or p u rp o se s o f ta x a t io n th e amount o f d isc o u n t a t which T re a su ry b i l l s are o r i g i n a l l y ^ s o l d by the U n ited S t a t e s s h a l l be c o n sid e re d t o be i n t e r e s t # Under S e c t io n s 42 and 117 ( a ) ( l ) o f th e I n t e r n a l Revenue Code, a s amended by S e c tio n 115 of the Revenue Act o f 1 9 41, th e amount o f d isc o u n t a t which b i l l s i s s u e d hereunder a re so ld s h a l l n ot be c o n sid e r e d to accru e u n t i l su ch b i l l s s h a l l be s o ld , redeem ed or o th e rw ise d isp o s e d o f# and such b i l l s are e x c lu d e d from considéra** t i o n a s c a p i t a l a s s e t s « A c c o rd in g ly , th e owner o f T re a su r y b i l l s (o th e r than l i f e in su ra n c e com p an ies) is s u e d h ereu n d er need in c lu d e in h i s income t a x r e tu r n o n ly th e d if f e r e n c e betw een th e p r ic e p a id f o r such b i l l s , whether on o r i g i n a l i s s u e o r on su bsequ en t purch ase,, and th e amount a c t u a l l y re c e iv e d e i t h e r upon s a l e or redem ption a t m a tu r ity d u rin g th e t a x a b le y e a r f o r which th e r e t u r n i s made, as o rd in a ry g a in o r l o s s # T re a su ry Departm ent C ir c u la r No# 4 1 8 , as amended, and t h i s n o t i c e , p r e s c r ib e th e term s o f th e T re a su r y b i l l s and govern th e c o n d itio n s o f th e ir is s u e # C o p ies o f th e c i r c u l a r may be o b ta in e d from any F e d e r a l R eserv e Bank o r Branch# oOo 7 388 resolve saw rt thr•ough to accompli shmenl was the Honorables John w. Snyder, 3ecre1tary It X s my pleasure to of the 1freasury. //sv present hi in to yoii now * » * * * * * * * INSERT: Under S e c r e ta r y F o le y introduced S e c r e ta r y Snyder as the p r i n c i p a l speaker. He r e fe r r e d to the S e c r e ta r y as ttthe man who m otivated re o rg a n iz a tio n o f the Revenue s e r v i c e from the very s t a r t , and whose guidance, in s p ir a t io n and firm resolve saw i t through to accomplishment.” 0O0 O Y8S vVwe have had similar cooperation in every ken place. Ft II & ffVf* Oç» M i on se in where <3L i. This signifies f»**- s ef f io lency assurances o 1 i o n g — 5 - BBS 'it is the largest Bureau of the t Treasury Department, and one of the largest in the entire g o v e r n m e n t . What we are to do here tod ay is bring up to date the structure and the operating procedures of this very vital arm of the Government. (f I want to express to the people of the States of California and Nevada, and th Territory of Hawaii, comprising the Los Angeles District, and to their local offici I our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony. 1Ç Iflr 68S qamblers, list of other and ctina and record in ,l {n add it ion to r> au chocks tnese taxes, ti returns, *fch0 m in uk accuracy investigates a large number of * *% JL O B eots billions in taxes p w not voluntarily rep i and makes refunds rrnina into billions on a 1 3 j**% . j% e#»; t of the 4. ; SX I ®t!rs dut w\ “ 11 & -1? .irsf §4 vi d it *{wfii f*w an d i t i1 J such as issuing permit of firearrà’t’O euoervl s ion O' age 1 ’ |*||rI 4wÉ j n„ 1 ta? 1 »/ AC Wï f o HIff Ä-i K4 «II»OW VC «ut*- j|s% i 11 3 a o « O of the financial affairs it i the to the taxp very m we are now ster ing manner 5 eureau res (V Ies receiving and procèsÆgi ÉH I «% f*% 2 ; %I t %#'1 returns from partnerships and corporal ions, ¿¡g** I» O on c Ic J ems, the taxes on ga In c? nan'1 2 s * ” 3 most procreasi ve steps in o n e % 1 «ft •* K j Government in the history As you n q & i ■*« a few W A A In p now Ion 9 an i f\ of months ago the overwhelming ap 4J5 O • V a u f1 presence gratifying to t «g* cr Ii W V* % # have ’ «■ ; s action f T * ? i L I <2 f3 a w 4 n*r W ato this morn ino,9 is U V *T* F% 1 4?» !l •f i i jf*l* î cs O i O O lanner in whi ^ ^ in *** w * the Bureau of «A ! Revenue functions is of direct concern to every taxpayer. affect Its act ivit ie of ■’V il0n behalf of the Treasury Department, I want to welcome all of you warmly to these proceedings, the purpose of which is •j to institute for the States of California and Nevada and the Territory of Hawaii, a basic improvement in the organization and methods of the Bureau of Internal Revenue. "These two States and the Territory of Hawai i form a region which for purposes of Internal Revenue Service administration wil be known hereafter as the Los Angeles District. '’The action which we are taking to reorganize the Revenue Service embodies Release 10:00 a.m. PST (1:00 p.m. EST) Wednesday, November 26, 1952_______ _ Los A ngeles, S- G a l . , Nov. 26 - Under S e c r e ta r y o f the Treasury Edward H. F o le y , speaking at ceremonies in the Hancock Auditorium, U n i v e r s i t y o f Southern C a lifo rn ia ^ for th e i n s t a l l a t i o n o f o f f i c i a l s o f the reorganized In tern al Revenue S e r v ic e Jbr C a l i f o r n i a , x s d Nevada and the T e r r ito r y o f Hawaii, s a id to d ay: u0n b e h a lf o f the TREASURY DEPARTM EN T Information Service Release 10:00 a.m. PST (1:00 p.m. EST) Wednesday. November 26 , 1 9 ! > 2 _____ _ WASHINGTON, D .C. S-32U2 Los Angeles, Cal*, Nov. 26 - Under Secretary of the Treasury Edward H. Foley, speaking at ceremonies in the Hancock Auditorium, University of Southern California,for the installation of officials of the reorganized Internal Revenue Service for California, Nevada and the Territory of Hawaii, said today: nQn behalf of the Treasury Department, I want to welcome all of you warmly to these proceedings, the purpose of which is to institute for the States of California and Nevada and the Territory of Hawaii, a basic in* provement in the organization and methods of the Bureau of Internal Revenue. »‘These two States and the Territory of Hawaii form a region which for purposes of Internal Revenue Service administration will be known hereafter as the Los Angeles District. “The action which we are taking to reorganize the Revenue Service embodies one of the most progressive steps in good government in the history of this country. As you know, the Reorganization Plan now being placed in effect received a few months ago the overwhelming approval of the Congress. lour support of it, as indicated by your presence here this morning, is gratifying to all who have had a hand in making this action possible. ’»The manner in which the Bureau of Internal Revenue functions is of direct concern to every taxpayer, its activities affect the welfare of the taxpayer’s government as well as the financial affairs of the taxpayer himself. Therefore, it is very much to the taxpayer’s interest that we are now inaugurating a new and better manner of administering the Revenue Bureau’s responsibilities• »’The duties of the Bureau involve not only receiving and processing the tax reports of tens of millions of Americans each year, but also the handling of tax returns from partnerships and corporations,, excess profits taxes, the excises on cigarettes and liquor and jewelry and many other items, the taxes on the gains of gamblers, and a long list of other levies 295 - 2 - nIn addition to collecting and recording these taxes, the Bureau checks the accuracy of returns, investigate a large number of them in d e t a i l , collects billions in taxes not voluntarily reported and makes refu n d s on overpayments running into billions* “That is still not the last of the Bureau’s duties* It has additional tasks such as issuing permits for distillers and the manufacture of fire arms, and the supervision of various angles of the alcoholic beverage business* “It is the largest Bureau of the Treasury Department, and one of the largest in the entire government* “What we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the Government* “I want to express to the peopié of the States of California and Nevada, and the Territory of Hawaii, comprising the Los Angeles District, and to their local officials our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony* “We have had similar cooperation in every locality where these installations have taken place* This signifies to me that the improved procedures, the forward-looking personnel policy, the advanced design .for operating efficiency, and the ’built-in* assurances of trustworthy performance which the Reorganization Plan provides have won full public confidence* “It is my firm belief that this public confidence will prove well placed*“ Under Secretary Foley'introducéd Secretary Snyder as the principal speaker* He referred to the Secretary as “the man who motivated reorganization of the Revenue Service from the very start, and whose guidance, inspiration and firm resolve saw it through to accomplishment#“ 0O 0 Ill RELEASE HORSING NEWSPAPERS, Tuesday# November 25# 1952« / 2 ^ x— o ^ The Secretary of the Treasury announced last evening that the tenders for $1,300,000,000, or thereabouts, of 90-day Treasury bills to be dated November 28, 1#2, and to mature February 26, 1953# which were offered on November 20, were opened at the Federal Reserve Banks on November 21** The details of this issue are as followsi Total applied for - $1#862#552#000 Total accepted - 1,300,013,000 Average price (includes $190,389,000 entered on a non~c otapetitive basis and accepted in full at the average price shown below) - 99.517/ Equivalent rate of discount approx. 1*9315 P®r annua Range of accepted competitive bids: Sigh Low - 99*51*5 Equivalent rate of discount 1.8205 PeT annum « 99.5X3 » « « « 1,91*85 * * (9h percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for Total Accepted Boston New fork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1 i 19,322,000 1,31*8,033,000 30,527,000 51*.1*55,000 22,362,000 19,275,000 183,1*52,000 28,008,000 12,51*2,000 1(3,806,000 l*9,i55,ooo 20,362,000 19,269,000 151*, 972,000 27,882,000 12,51*2,000 il3#806#000 66,657,000 31*,113,ooo 66,537,000 11,862,552,000 #1,300,013,000 31*,113,000 TOTAL 19,310,000 836,538,000 15,527,000 TREASURY D EPARTM EN T Information Service Wa s h in g t o n , d .c . OQ7 ÇO » RELEASE M O R N I N G NEWS P A P E R S , Tuesday, N o v e m b e r 25, 1952, S - 3243 The. S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that the tenders for $1,300, 0 0 0 , 0 0 0 , or t h e r eabouts, of 9 0 - d a y T r e a s u r y b i l l s to be dated N o v e m b e r 28, 1952, a nd to m a t u r e F e b r u a r y 26, 1953, w h i c h were offered on N o v e m b e r 20, wer e o p e n e d at the F e d e r a l R e s e r v e Banks on N o v e m b e r 24. The d e t a i l s of this issue are as follows: Total a p p l i e d for - $ 1 , 8 6 2 , 5 5 2 * 0 0 0 1,300,013,000 Total a c c e p t e d Average p r i c e (includes $190,389,000 entered on a non-competitive basis and accepted in full at the average price shown below) - 99.517/ Equivalent rate of discount approx. 1.931# per annum Range of a c c e p t e d c o m p e t i t i v e b i d s : - 9 9 . 5 4 5 E q u i v a l e n t rate of d i s c o u n t -1.820# per annum - 9 9 . 5 1 3 E q u i v a l e n t rate of d i s c o u n t 1 . 9 4 8 # per annum High Low (94 percent of the a m o u n t b i d for at the lo w p r i c e was a c c e p t e d ) Total Accepted Total Applied for Federal Reserve District $ Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 19 ,322,000 1 ,3^ 8 ,033,000 30 ,527,000 54 ,455,000 22 ,362,000 19 ,275,000 183,452,000 28,003,000 12,542,000 43,806,000 34,113,000 66,657,000 TOTAL $1,862,552,000 000 $ , 19 ,310,000 836,538,000 15 ,527,000 49,155,000 20 ,362,000 19,269,000 154 ,972,000 27 ,882,000 12 ,542,000 43 ,806,000 34 ,113,000 66,537,000 $1,300,013,000 c so I I of t in IS9 Denv et M i 8iP % . w o v o r er « Û i» ü P ip W t f percent. 0 C While income pi individuals in the country whole have tripled since this region has shown an even greater increase. Last year payments to individuals in th is ¿ - fsl I the off i ì P if $ m I Ü feU Qt ITW L - f It ' lli»1I£9 '%* ÿ ÍX i and h#r# * w i l l si m s y n i v i r y tax« ¥t The S ta to « w h ic 1% ftic@n will serve aro* ¡Is mentioned esr1 1®r» If importance to our detent# m #%'tm 1. f i d i r . ci m e c o n o m y . u r a n t u m *r rsg?; g a 1 *r t ♦w\ .# if I' t r i i s p # t i a keystone o ?" - '¿ ‘I lines of authori 6 ìr tv llrootors accountab »iity fr rnai Revenue to the !f » 1 1 c i il Ì.-1 the u istrie ft Commiasioner to the Commissioner Washington. 4 Cl: ■&S »'%, X II tvtr ict Commis s ioner *t i11 Assist®nt District Commissionar for Intelligence there w see *1 ’ f every Unde n i■ c ir 9 v intensified efforts to Wl W ™ tit 4 j 4 ÉÉ • h Hör« is how the Denver District will be administored. In each of the five States of this district, there is being established an office of Director of Internal Revenue. The office of each Director will be in the same location as that of the State’s former Collector of Internal Revenue whom the Director replaces. *Eaeh Director will maintain supervision over all Federal Revenue the Revenue Service, with the T9 I t exception of the Oosffiissioner of Internal Revenue. Every poet in the service, with that one exception, wi11 now be f ilied ivil Service appointees Another Important feature is the simplification and streamlining of administrative authority, so m m to eliminate complexities for the taxpayer and improve methods of superv i$ ian i m the skillful direction of the Commissioner of Internal Revenue and his associates, the transition is being accomplished «I 1 not a complica only by experts. is to A4 problem. The period from 134b *to 19s 2 8«'» s a §r ? -■« increaae in number of income tax returns, «pHi both individual and corporate, and tax collections increased ■ (1BH proportionately. today the 8ui e&u ||3|| of Internal Kevtnue receives about 90 million tax returns of ail Kinds annually, and in the latest fiscal year .its collection» reached the record sum of $60 billion is if ® r vv icce #§ *8 equipment and methods w % apparent, ana the n S pplainly X& need for i thorough overhauling was conspicuous, out temporarily, tilt problem had to be put aside. : %a o long as the war continued we had neither the time, m a n , nor the machinery to accomplish the necessary overhauling. '’Ey 1fl# | the situation had changed, wore men and women became available for civilian aperational taethode, Began at wy direct ian in l&4-o, scan ¿iter * ggc aft# vie;f 11 ary u f tftn ir # itnyry. ni "l1d¡r #srtiwe § x 30f" iftno# in uy this ¿iervice |iit eemonetrated the necessity 1«» such actian. orfitni z f t t i e n w h i c h had &o worked fairly well in its earlier yearn* w h e n 7 c o n s u l t a n t s « v a i 1 s o i e * *'the coals ut this action »Te « m ? aXi biu»«s of opérâtiftj efficiency anil economy, fast* convenient, and accurate service to 1.11. persons transacting dus in®se » *th the oureau, scrupulous protection of the öoverruaent revenues, and the maintenance of unquestioned integrity a nt th© employées of the S u r e a u . I have every confidence servi ce Kevenue the President's Reorgani zation Plan is, 1 of 1352, are significant as a long step toward better government, and they are advantageous in many respects to every taxpayer. They modernise the Internal Revenue Service, remove weaknesses from its organizational structure, provide for speedier, more convenient and wore accurate «àz inu enterprises anti » ai l © i w ets irni industr i ai davv n r n o y ildin§ poitsr ■W f « I for h y #18 fl. to8 i fart g r•it r p.fÔ?8 I l i# « ï|f fur g o ■ r*8 If H U 5! ® a r c 11jfa,4'%à lne to •§■ #3 9% fce afel vii«I régi a nti* «r* in.prog A i-,«v&iH.iè S e r v i c e . 11 ’ ©■ jhafii e s s s t i «§§ i | i tuca the àuthori In fo R e l e a s e 1 0 a . m . MST ( 1 2 T u e s d a y , N o v* 2 5 ^ 1 9 5 2 D en v er, C o lo * , Jo h n W. S n y d e r , o f th e at New M e x i c o , S e c re ta ry c e re m o n ie s o f C om m erce f o r new I n t e r n a l R e v e n u e S e r v i c e A riz o n a , h e a d in g noon EST) N ov* 2 5 - sp e a k in g B arn es S ch o o l s e rv ic e in th e o ffic ia ls of th e T re a su ry th e A u d ito riu m in s ta lla tio n fo r U ta h a n d W y o m in g , s a i d C o lo ra d o , to d a y : of TREASURY DEPARTMENT Information Service WASHINGTON, D .C. 33 Release 10 a.m. MST (12 noon EST) Tuesday, Nov.» 25, 1952 _______ S-32kh Denver, Colo», Nov* 25 - Secretary of the Treasury John W# Snyder, speaking at ceremonies in the Auditorium of the Barnes School of Commerce for the installation of new Internal Revenue Service officials for Colorado, Arizona, New Mexico, Utah and Wyoming, said todays “I am delighted to be here in Denver for these ceremonies which install a modernized Federal Revenue Service for the five States of Colorado, Wyoming, Utah, New Mexico and Arizona* “This majestic section of our country is known throughout the land for the wonder of its natural formations, for the beauty of its deserts, and for the grandeur of its mountains* It is also becoming increasingly well-known for the importance it bears to the strategic defenses and the productive might of our country* Its rare mineral resources and the natural advantages of its terrain are playing a dynamic role in the development of atomic and other weapons of national defense* Its outstand ing agricultural and grazing enterprises and its increasing industrial development are building powerful resources for human welfare and hold great promise for the future progress of our Nation* “We are proud to be able to bring to this vital region a new era in a progressive Federal Revenue Service* The changes which are being instituted here today, under the authority of the Presidents Reorganization Plan No* 1 of 1952, are significant as a long step toward better government, and they are advantageous in many respects to every taxpayer* They modernize the Internal Revenue Service, remove weaknesses from its organi zational structure, provide for speedier, more convenient and more accurate service to the American public, and help make certain that the Revenue Service will enjoy the public*s full confidence* “From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, Assistant Secretary Graham, the Treasury Staff, the Commissioner of Internal Revenue and his associates in the Revenue Bureau* “The Reorganization Plan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups representing the Congress, other Government agencies, business management firms, and taxpayer organizations — in short, the composite of the most capable consultants available* - 2 - 333 "The goals of this action are a maximum of operating efficiency and economy, fast convenient, and accurate service to all persons transacting business with the Bureau, scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Bureau* I have every confidence that these goals will be realized* '•The preparation of the Reorganization Plan was a tremendous task, and it was not accomplished overnight* The study given to the problem covered several years of intensive work, and the final drafting of the plan was not completed until after a long series of preparatory steps had been taken* "The elimination of weak spots from the Internal Revenue Service, and improvements in its operational methods, began at my direction in 19 U6 , soon after I became Secretary of the Treasury* "Our wartime experience in the Service had demonstrated the necessity for such action* An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era. The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes. It had to assume responsibility almost overnight for the collection of new kinds of taxes, and the application of sharply increased rates on those taxes already in existence. "Collection methods were drastically changed by the installation of the income tax withholding system. Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified. "The inadequacy of the Revenue Service's equipment and methods was plainly apparent, and the need for a thorough overhauling was conspicuous. But temporarily, the problem had to be put aside. So long as the war continued we had neither the time, the men, nor the machinery to accomplish the necessary overhauling. "By I9I46, the situation had changed. More men and women became available for civilian employment as the strength of the Armed Forces declined. More machinery became available with the reduction in the demands for military equipment. It was then that the work of modernizing the Bureau of Internal Revenue was started* "Even as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem. The period from 19U6 to 195>2 saw a large increase in the number of income tax returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually, and in the latest fiscal year its collections reached the record sum of $65 billion* - 3 - "That, in brief, is the historical background against which reorgan ization of the Revenue Service is being effected* 11In going about this task, we had to remember constantly that the Bureau of Internal Revenue is not like a factory, or an assembly plant* It could not be closed down for a week or a month while an old system was abolished and a new system installed* The Bureau had to go right on collecting the Nation*s revenues and doing the rest of its huge daily job, while making the changes called for in the plan* ’’This is the fourteenth area in which the reorganization plan has been put into effect* I have personally attended all but three of the reorganization ceremonies* In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington* We shall proceed with reorganization in other districts, on a schedule which calls for completion of the program by December 1st of this year* ’’Under the skillful direction of the Commissioner of Internal Revenue and his associates, the transition is being accomplished smoothly and without inconvenience to taxpayers. ’’Reorganization Plan No* 1 is not a complicated blueprint understand able only by experts* It is simple* ’’One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue* Every post in the service, with that one exception, will now be filled by Civil Service appointees. ’’Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the tax payer and improve methods of supervision. ’’Here is how the Devner District will be administered* In each of the five States of this district, there is being established an office of Director of Internal Revenue* The office of each Director will be in the same location as that of the State’s former Collector of Internal Revenue whom the Director replaces* ’’Each Director will maintain supervision over all Federal Revenue Service matters within his State* Taxpayers are assured of improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality. For convenience, local representatives will be stationed throughout these five States in 63 presently located offices and posts of duty. ’’For purposes of general area supervision and coordination of local tax administration, there is being established in Denver the office of District Commissioner. This office is a new provision in the reorganization* 335 u The District Commissioner for Denver has full responsibility for all field activities in the five States of Colorado., looming, Utah., Arizona and New Mexico* Under this reorganization, there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington* nOne of the members of the District Commissioner’s staff will be the Assistant District Commissioner for Intelligence* Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action* ’’The task of fighting tax frauds never was an easy one* In recent years the criminal element has attempted tax evasion with greater persistence than ever before* It is our determination that this persistence will be met by the special agents of the Revenue Service with even greater enforcement diligence* The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is applied to the tax evasion problem* “In streamlining the Revenue Bureau’s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past* There has been established an independent Inspection Service, under the direction of another Assistant Commissioner, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well* "The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust* The work of Congressional investigative groups has had, and will continue to have, our full cooperation* "In placing the Reorganisation Plan- In effect, we have made it our objective that only the most capable persons available would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts* I am confident that our selections for the office of District Commissioner here in Denver and the offices of Director of Internal Revenue in Cheyenne, Salt Lake City, Albuquerque, Phoenix, and here, will measure up to every expectation* "The five States which these officers will serve are, as I mentioned earlier, of tremendous importance to our defense effort and to the productive power of our economy* The vast deposits of uranium are a keystone of our national defense, and the activities at Los Alamos are making this resource an effective element of the defense program* The power and water supply provided by the Hoover Dam have expanded agricultural and industrial enterprises in large portions of this district as well as in other neighboring States* Throughout this region the past decade has been one of unparalleled progress and prosperity*. - 5 - "Since 19U0 the population of the five States included in the Denver District has increased by over 30 percent* During the same period, the increase for the country as a whole was only 18 percent* While income payments to individuals in the country as a whole have tripled since 19U0, this region has shown an even greater increase* Last year income payments to individuals in these five States were more than four times as large as they were in 19l*0 apd the percentage increase was 36 percent higher than the national average* "lour economic progress is not evidenced, however, simply by the greater incomes which you enjoy* It is evidenced also by the enlarged opportunities which increased industrialization has brought to the people in your cities and towns* "As your economy is expanding, so is its importance growing to our country*s revenue system* "In the 19^2 fiscal year there were close to 1-1/2 million individual income tax returns filed in this five-state area — a ninefold increase since 19U0* The total number of tax returns filed in this district in fiscal 19^2 amounted to over 2 million, as compared with less than 1*00,000 in 19l*0* Total Federal tax collections from these States in the past fiscal year amounted to over $1 billion* "It is with much satisfaction that we bring to this magnificent and ever growing section of America a modernized and revitalized Federal Revenue Service such as that incorporated in the Internal Revenue Reorganization Plan* "We have had most generous cooperation in arranging today’s ceremony• I want to express our warm appreciation to all those who have taken a part in making this occasion possible* "It is my firm belief that the result of today’s reorganization proceedings here, and those held or to be held throughout the Nation, will be to give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity*" 0O0 |i|I b e to give the American people « Revenue service of maximum efficiency and operating economy, manned dy employees of unquestioned integr ity. III in the 1 © 1S0W ff JgJ *.l#.0 tl B |J fflO S X 0 0 O'®f* 0 MS ft HV & cooperat ian in arr&ng »8§ today d t to express our t a r m l .apr p«.rt §i tin &| li10 o c#c#n n i /( p ro ce e d in g s I; to i It is wy t.n0 r esuai or thas of lft b i t . rfe t i l t today here, tith e l d s re®rub izet and t if® i§® ffe X thr «&*» 1f UP | 1 . j in iiiion in 1940. i o n 3- a.uuntvd to uvee in tn© past m £ I8 l oí H i« a » fe lili or t I8taCt I0 V*h ích an and t U i i i i €& r i tor y O a e v e r acid ina new l.eösra.i i yotr W « u n cult u r a l u ■* - ó / * í isca th«t '«e ferì ai m an¡i th© ¡ferr 14 tí V a Cf tó /i I r u iota i fl U Z O fi 8- i aht oí o y r Mat i on an v. *$„ vital service o i minent such as that i mpro-vf f e à e r f e 1 incorporated IBR — 2M*1*«* » •* and h e r e , will measure up to every e x p e c t « ti li il ftìi s à r B w ii ì C %'■$r: p;é 1 $m & m W ich those otti u r %§ i l Ì X i » 1 B I astest o i r 0 « in, *r sii, 'Ili 1 •tISS 1 ifi M, the entire e Paiitarni« *rÄ «| %#**Jr%# y ü t V ü Ö a f i ut a in 1 ld i t 9% 1 5 '¿'*'& A fi percent ri.. n* g*fr o b j e c t IV 8 0 il p ¡A U 0 be named t o th§ only ^ iiAi>*1»^ ¿jJl8 and watch other Hevenue service activities as well. ^fhe Treasury and the Revenue bureau have fatten positive steps to eliminate from the service those employees who have tailed in their public trust. The wora of Congress ionai irivest igat ive Ire-ups has had, and will continue to have, our full cooperation. 1 U M }h plac ing the keorgani zation .Plan in effect, we have made it that city. For c o n v e n i e n c e , local representatives will t h r o u g h o u t California i i in 77 l o cal off ices For p u r p o s e s of g e n e r a l f a r e a s u p e r v i s i o n a n d i c o o r d i n a t i o n of local tax a d m i n i s t r a t i o n , t h ere is bein g e s t a b l i s h e d in Los A n g e l e s the office of District Commissioner. This office is a new provision in the reorganization. The District Each 0 irector w i 11 m a i n t a i n activ s u p e r v i s i o n over all F e d e r a l Revenue Service m a t t e r s w i t h i n his particular collection district. T a x p a y e r s are a s s u r e d of improved s e r v i c e and greats c o n t i n u e d in 21 • • sac will m m e® filled by Civil Service appointees. ,t Another important featur is the simplification and 3*1 Si streamlining of adroini strati authority, so as to éliminât complexities for the taxpaye m i W 01 s Is Ili ill i State £$& »¿ft to taxpayers. fitorgtrti2 ation Plan No. 1 h is not ft complicated blueprint understandable only by experts, it is simple. it ' * » * -One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue, every post in the service, with that one exception, §1,3* i liri|§ incrtiii in the number of income tax returns, both individual and corporate, and tax collections inor eased proportionately. Today the ■H liMi a . ’ bureau of Inter nil Revenue receives about- 90 million tax returns of all Kinds annually, and in the latest fiscal year its collections reached the record s u m of I60 billion. II That, in brief, is the w o m e n oe discovered and rectified. The inadequacy of the Revenue 11 Service's equipment and methods was Plainly apparent, and the need for a thorough overhauling .■ ¿'^0, m i l l i o n s of r e t u r n s fr om t a x p a y e r s who never b efore had b e a n r e q u i r e d to pay F e d e r a l income t a x e s . It had to a s s u m e r e s p o n s i b i l i t y a l m o s t o v e r n i g h t for the c o l l e c t i o n of n e w k i n d s of taxers, and the a p p l i c a t i o n of s h a r p l y i n c r e a s e d r a t e s t on t h o s e t a x e s a l r e a d y in ex is t a n c e . MÈMÈiM I I C jO c tat A Our wart irae exper ience in the Service had demonstrated the necessity for such action. An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands mad# on it in the World far II era. M The Service suddenly had to handle conven ient, o 6# v errs si# nt revanuas uast í onecí of Lo.i as Secretary gfL pred ict io n . pueblo in »iaxraz i&caxsxziSfziiiz^ixi^Mxz x R e l e a s e 1 0 a . m . PST ( 1 p .m . E S T ) W edne s d a y , N o v . 2 6 , 1 9 5 2 L o8 A n g e l e s , J c h n W. S n y d e r , o f th e C a l i f ., sp e a k in g U n iv e rs ity at N ov. 26 o f S o u th e rn T e rrito ry S e c re ta ry c e re m o n ie s o ffic ia ls o f H a w a ii, o f th e T re a su ry i n H a n c o c k A u d ito r i u m C a lifo rn ia o f new I n t e r n a l R ev en u e S e r v i c e N ev ad a and th e - s a id fo r fo r th e in s ta lla tio n C a lifo rn ia , to d a y : 375 Release 10 a.m. PST (1 p.m. SST) tiednesday, Nov» 26, 19.*>2_______ S-321H? Los Angeles, Calif., Nov. 26 - Secretary of the Treasury John W. Snyder, speaking at ceremonies in Hancock Auditorium of the University of Southern California for the installation of new Internal Revenue Service officials for California, Nevada and the Territory of Hawaii, said today: "I am happy to be here in Los A n g ele s to ta k e a p e r s o n a l p a r t in these cerem o n ies which i n s t a l l a m odernized F e d e r a l Revenue S e r v ic e f o r C a lif o r n ia , N evada, and th e T e r r it o r y o f H aw aii. ”It is not a new thing, of course, for a Secretary of the Treasury to be taking a personal interest in this Pacific territory and its strategic importance to the commerce and revenues of our Nation. Old records show that the Treasury was doing business almost as soon as the treaty with Mexico was signed. Within three weeks after California attained statehood, six separate collection districts were authorized for the State. nAs early as 181R3, Secretary of the Treasury Walker had predicted that the Acquisition of our immense coast upon the pacific 1 would •revolutionize in our favor the commerce of the world, and more ran idly advance our greatness, wealth, and power, than any event which has occurred since the adoption of the Constitution. 1 •’Certainly this dynamic city of Los Angeles stands today as an impressive tribute to Secretary Walker’s sage prediction. From a sleepy pueblo, Los Angeles has risen to the third largest metropolitan area in our Nation and one of the most important trade and industrial areas of the world. It is fitting that this city which has been the key to much of this region’s spectacular progress should ever be enlarging the scope of its service. ’•Under the authority of the President’s Reorganization Plan No. 1 of 195>2, Los Angeles has been selected as a regional center for the supervision of a large share of the business affairs of the Internal Revenue Bureau -- one of the world’s largest business organizations., lour presence here indicates that you appreciate the importance of the progressive action we are taking.. Your presence is also an expression of confidence that, through the operation of the Reorganization Plan, we shall bring to the taxpayers a Revenue Service fully adequate to meet its greatly increased responsibilities and fully meriting the confidence of the public. - 2 - 376 “From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, Assistant Secretary Graham, the Treasury Staff, the Commissioner of Internal Revenue and his associates in the Revenue Bureau* I “The Reorganization Plan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups representing the Congress, other Government agencies, business management firms, and taxpayer organizations in short, the composite of the most capable consultants available* "The goals of this action are a maximum of operating efficiency and economy, fast, convenient, and accurate service to all persons transacting business with the Bureau, scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Bureau. I have every confidence that these goals will be realized* “The preparation of the Reorganization Plan was a tremendous task, and it was not accomplished overnight. The study given to the problem covered several years of intensive work, and the final drafting" of the plan was not completed until after a long .series of preparatory steps had been taken. "The elimination of weak spots from the Internal.Revenue Service, and improvements in its operational methods, began at my direction in 19^6, soon after I became Secretary of the Treasury. "Our wartime experience in the Service had demonstrated the necessity for such action. An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era. The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Fédéral income taxes. It had to assume responsibility almost overnight for the collection of new kinds of taxes, and the application of sharply increased rates on those taxes already in existence. "Collection methods were drastically changed by the installation of the income tax withholding system. Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified* "The inadequacy of the Revenue Service’s equipment and methods was plainly apparent, and the need for a thorough overhauling was conspicuous* But temporarily, the problem had to be put aside. So long as the war continued we had neither the time, the men, nor the machinery to accomplish the necessary overhauling* S~32l£ -3 - 377 »By 19U6, the situation had changed* More men and women became a v a ila b le for civilian employment as,the strength of the Armed Forces declined* More machinery became available with the reduction in the demands for military equipment* It was then that the work of modernizing the Bureau of Internal Revenue was started. «»Sven as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem* The period from 19lR$ to 19!?2 saw a large increase in the number of income tax returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually, and in the latest fiscal year its collections peached the record sum of $65 billion. »‘That, in brief, is the historical background against which reorganization of the Revenue Service is being effected. «»In going about this task, we had to remember constantly that the Bureau of Internal Revenue is not like a factory, or an assembly plant* It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on collecting the Nation«s revenues and doing the rest of its huge daily job, while making the changes called for in the plan. ’»This is the fifteenth area in which the reorganization plan has been put into effect. I have personally attended all but three of the reorganization ceremonies. In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington. We shall proceed with reorganization in other districts, on a schedule which calls for completion of the program by December 1st of this year* '«Under th e s k i l l f u l d i r e c t i o n o f th e C om m issioner o f I n t e r n a l Revenue and h is a s s o c i a t e s , th e t r a n s i t i o n i s b e in g a c c o m p lish e d sm oo th ly and without in co n v en ien ce to ta x p a y e r s * "Reorganization Plan No. 1 .is not a complicated blueprint understand able only by experts. It is simple. »»One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue. Every post in the service, with that one exception, will now be filled by Civil Service appointees. "Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the taxpayer and improve methods of supervision. S-32US - u- 378 "Here is how the Los Angeles District will be administered. In the State of California, two offices of Director of Internal Revenue are being established. In addition, one Director's office will be established in the State of Nevada and one in the Territory of Hawaii* The headquarters of the Directors will be in the same cities as were the headquarters of the former Collectors of Internal Revenue whom the Directors replace. "Each Director will maintain active supervision over all Federal Revenue Service matters within his particular collection district. Tax payers are assured of improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality® As an exception to this rule in the State of California, the permissive functions of the Alcohol and Tobacco Tax operations now located in San Francisco will be continued in that city. For convenience, local representatives will be stationed throughout California, Nevada and Hawaii in 77 local offices and posts of duty. "For purposes of general area supervision and coordination of local tax administration, there is being established in Los Angeles the office of District Commissioner. This office is a new provision in the reorgan ization. The District Commissioner for Los Angeles has full responsibility for all field activities of the Bureau in the two States of California and Nevada and the Territory of Hawaii. Under this reorganization, there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington. "One of the members of the District Commissioner*s staff will be the Assistant District Commissioner for Intelligence© Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action. "The task of fighting tax frauds never was an easy one© In recent years the criminal element has attempted tax evasion with greater persistence than ever before. It is our determination that this persist ence will be met by the special agents of the Revenue Service with even greater enforcement diligence. The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is applied to the tax evasion problem. "In streamlining the Revenue Bureau*s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the pasto There has been established an independent Inspection Service, under the direction of another Assistant Commissioner, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well* "The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust. The work of Congressional investigative groups, has had, and will continue to have, our full cooperation. 8-321*5 - 5 - 379 "In placing the Reorganization Plan in effect, we have made it our objective that only the most capable persons available would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts. I am confident that our selections for the office of District Commissioner here in Los Angeles and the offices of Director of Internal Revenue in San Francisco, Reno, Honolulu, and here, will measure up to every expectation. "The economic importance of the area which these officers will serve is evidenced by the fact that it is one of the fastest growing areas, populationwise, in the entire country. Since 19H0, California and Nevada have been among the top states in percentage gain in population. California, with a £8 percent rise in population, ranks second among all States. Nevada ranks fourth with a 53 percent increase. By comparison, the United States average was only an 18 percent increase. "The économe importance of this area is also evidenced by the upward surge of its business activity and the higher individual prosperity which has come to its people. Since 191*0, income payments to individuals in these two States have almost quadrupled and the percentage increase was 27 percent higher than the national average. Last year alone, income pay ments to individuals in California and Nevada totaled over $21-1/2 billion. "As your economy has continued to expand, so has its importance grown to our country's revenue system. In size alone, Federal revenue operations in the two States of California and Nevada and the Territory of Hawaii bear little resemblance to those of as short a time ago as 19l*0. "In the 191*0 fiscal year there were less than 700,000 individual income tax returns filed in this district. In the 1952 fiscal year there were over l*-l/2 million such returns filed. The total number of tax returns filed in this district in fiscal 1952 amounted to close to 7 million, as compared with 1.5 million in 19l*0. Total Federal tax collections from California, Nevada, and the Territory of Hawaii amounted to over |l*-3/l* billion in the past fiscal year. "It is with much satisfaction that we bring to an area which is ever adding new horizons to the agricultural and industrial might of our Nation an improvement in a vital service of the Federal Government such as that incorporated in the Internal Revenue Reorganization Plan. "We have had most generous cooperation in arranging today's ceremony. I want to express our warm appreciation to all those who have taken a part in making this occasion possible. "It is my firm belief that the result of today's reorganization proceedings here, and those held or to be held throughout the Nation, will be to give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity." S-32i*5 oOo - 3 - y js s s t subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter Imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections h2 and 11? (a) (1) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 19bX, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular Ho. Iil8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. t - dealers in investment securities • 2 - Tenders from others must be accompanied ■j^y payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company* Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final* Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on December U. 19$2 , in cash or other immediately available funds or in a like face amount of Treasury bills maturing Cash and exchange tenders will receive equal treatment. December U, Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto, The bills shall be / TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, November 27* 1952 ~"B5 The Secretary of the Treasury, by this public notice, invites tenders for $1,300,000*000 , or thereabouts, of 91 -day Treasury bills, for — w — .m cash and in exchange for Treasury bills maturing , in December k* 1952 H i the amount of $ 1,300,311,000 * to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated March terest. The bills December iu 1952 , and will mature ---------- ---------------5, 1953______ , when the face amount will be payable without in- They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500 ,000 , and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p,m,, Eastern Standard time, Monday, December 1, 1952» Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925« Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TREASURY D EPA R TM EN T Information Service WASHINGTON, D .C 38 RELEASE MORNING NEWSPAPERS, Thursday, November 27, 1952. 1-3246 The Secretary of the Treasury., by this public notice, invites tenders for $ 1 , 3 0 0 / 0 0 0 , 0 0 0 , or thereabouts,, of 91-day Treasury bills,, for cash and in exchange for Treasury bills maturing December 4, 1952 in the amount of $ 1 , 3 0 0 , 3 1 1 , 0 0 0 , to be issued on a discount basis under competitive and non-competitive bidding as hereinafter _ed. The bills of this series will be dated December 4, 1952, provi | and will mature March- 5, 1953, when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,COO (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o 1 ’clock p.m., Eastern Standard t ime, Monday,.. December 1, 1952. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered .must be expressed on the basis of .100, with not more than three decimals, e. g., 99*925* Fractions may not be u s e d . Xt is urged that; tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches, on application therefor . Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are ■ accompanied by an express guaranty of payment by an incorporated bank trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or re0ect any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non competitive tenders for $200,000 or less without stated price from an7 one bidder will be accepted in full at the average price (in - 2 - three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on ’ .December 4, 19j 23 in cash or other immediately available funds or in a like face amount of Treasury bills maturing December 4, 1952. Cash arid exchange tenders will receive equal treatment. Cash a d j u s tmentswill be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain, from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition or Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, .or laws amendatory or supplementary thereto. The bills shall be.subject to estate, inheritance, gilt or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the; principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes oí taxation the amount of discount at which Treasury bills aré originally sold by the United States shalT be considere o interest. Under Sections 42 and 117 (a) (l) .of the Internal Revenue Code, as.amended by Section 115 of the Revenue Act of.1941, the amount of discount at which, bills issued hereunder are < be considered to accrue until such bills shall be.^soid^ r e t e ^ d or otherwise' disposed of, and such bills a r é excluded as capital assets. Accordingly the owner of Treasury i ^ \ ,_ than life insurance companies) issued hereunder need m e 1 id^ income tax return only the difference between the- price paid lor such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at as maturity dux^Ing the taxable year ior which the return Is ordinary gain, or loss. , . Treasury Department Circular No. 4l8, as amended, and this notice; prescribe the terms of the Treasury bills and govern . conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. oOo y loicality where the e*0 inst a l l a t ion ew have t ak'en place. that x È «41□ i*#nifi es to me ffm f This c# he f orv/a h© improved proced uri look ins personnel policy the advanced J for 0 perat ing ef 1 ■* i(tï ÓwU c s c uir î«M s n fWVI ’ P' in 10 e s s of t r u s t wort î‘ hi ch the R e o r g a n 1 z a t 1 ■1 f1i14 5Üiifn 1I o v s e r t ÌV6 W O ! (( 4 .1 «1» I JL cu ì oublie confidence. ly firm !îelief th this public IN S E R T : »„der Secretary Foley introduced Secretary S n y d e r a . the prin cipal speaker. - , h . man * o „ .tic .t.d from the very He referred to the Secretary r e o r g a n is a tio n ef th e ^ B e.en u . S e re tce s t a r t , and .h o e e gu id an ce, in s p ir a tio n and firm resolve saw it through to 0O0 accomplishment." O t litv where these installations «MR ve taken place. This signifies to me that the improved procedures, th iffQ ï"'#4 w {S I t; 5 is the largest bureau of the Department, and one of the largest in the entire G o v e r n m e n t . TO«ia t we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the government if M# £5 nt to express to the people of the State of Ohio, and to their local official our appreciation of your hospitality and o the cooperation which we have had in arranging for this ceremony it e have had similar cooperation in govern?' as? C s.w the t a b %* a f? iH r hi rase much to the taxpayer (¥e arc now inaug manner of administer I6S» t\ The duties receiving and processing x m nox t a x reporl tens of rni i n c s of Americans each year, <9 o partner aftins © concera co act ivi ties mm I want to welcome a these proceeo mgs, x to institute for +Vi improvement in U U I Ü O U j5 %#% # r «» JrO isp >*v ad mi .1iof im 3 pose ich is R elease 10 a.m. EST Monday, Dec« 1 , 1952 S ^7 C le v e la n d , O hio, Dec. 1 - Under S e cr e ta r y o f the in the Treasury Edward H. F o le y , speaking a t ceremonies xpKxkixg C levelan d P u b lic Auditorium ^ u s i o H a ll fo r th e in s t a lla t io n of o f f ic ia ls fo r Ohio, o f the re o rgan ized In te r n a l Revenue S ervice sa id to d a y : M0n b e h a lf o f th e Treasury Department, I . • • TREASURY DEPARTM EN T Information Service RELEASE 10 a.m. EST Monday, December 1, 1952. WASHINGTON, D .C. S-3247 Cleveland, Ohio, Dec. 1 - Under Secretary of the Treasury Edward H. Foley, speaking at ceremonies in the Cleveland Public Auditorium Music Hall for the installation oi officials of the reorganized Internal Revenue Service for Ohio, said today: u0n behalf of the Treasury Department, I want to welcome all of you cordially to these proceedings, the purpose of which is to institute for the State of Ohio a basic improvement in the organi zation and methods of the Bureau of Internal Revenue. "This State forms a region which for purposes of Internal Revenue Service administration will be known hereafter as the Cleveland District. "The action which we are taking to reorganize the Revenue Service embodies one of the most progressive steps in good govern ment in the history of this country. As you know, the Reorganization Plan now being placed in effect received a few months ago the overwhelming approval of the Congress. Your support of it, as indicated by your presence here this morning, is gratifying to all who have had a hand in making this action possible. "The manner in which the Bureau of Internal Revenue functions is of direct concern to every taxpayer. Its activities affect the welfare of the taxpayers government as well as the financial affairs of the taxpayer himself. Therefore, it is very much to the taxpayer’s interest that we are now inaugurating a new and better manner of administering the Revenue Bureau’s responsibilities. "The duties of the Bureau involve not only receiving and pro cessing the tax reports of tens of millions of Americans each year, but also the handling of tax returns from partnerships and corporations, excess profits taxes, the excises on cigarettes and liquor and jewelry and many other items, the taxes on the gains of gamblers, and a long list of other levies. "in addition to collecting and recording these taxes, the Bureau checks the accuracy of returns, investigates a large number of them in detail, collects billions in taxes not voluntarily reported and makes refunds on overpayments running into billions. 332 - 2 - "That is still not the last of the B u r e a u ’s duties. It has additional tasks such as issuing permits for distillers and the manufacture of firearms, and the supervision of various angles of the alcoholic beverage business. "It is the largest bureau of the Treasury Department, and one of the largest in the entire Government, "What we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the Government. "I want to express to the people of the State of Ohio, and to their local officials, our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony. "We have had similar cooperation in every locality where these installations have taken place. This signifies to me that the improved procedures, the forward-looking personnel policy, the advanced design for operating efficiency, and the ’built-in' assurances of trustworthy performance which the Reorganization Plan provides have won full public confidence. "It is my firm belief that this public confidence will prove well placed." Under Secretary Foley introduced Secretary Snyder as the principal speaker. He referred to the Secretary as "the man who motivated reorganization of the Revenue Service from the ve r y start, and whose guidance, inspiration and firm resolve saw it through to accomplishment." 0 O0 S-3247 tax collections stata in the 7 percent of Internal Revenue tax Plan. •.Pr 2d in a peacet ime economy and vital in times ot national defense. Lixewiae. agriculture is a highly developed enterprise in this StIt*. During the first six months of 1952, cash receipt® from farm marketings in Ohio represented over 3-1/2 percent of the total for country Jr This -State which a Great » and will continue to ioner Bureau 22 Intelligence. Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick n investigation and action. The task of fighting tax frauds never was an easy o n e . In recent years the criminal element has attempted tax evasion with greater persistence than ever before. It is our determination that this persistence will be met by the special 21 a c t i v 1 1 1 a 6 in the »our coxicction y d i s t r i c t s . i» & reoryknization, there ¿re clear i i r A i n 0 & ui § u ^nd i|q ooyiiAnJb-1X ixy 11 ow Ah m# irectors of Internal never,ue to istrict Cotamrssioner ;r c the District Com«»i ss ioner to the C o m m iss ioner in -«ash ifigton. it %$■ 1 &% - «i f t © t-m t& lr f ¿¡i rs**5*-ss -ss ™rx ' **1 I " Si r's w ic t Cororai as ioner *s s a 1 t 11 n f.la S* i11 3.3 istant fii ;-tr ict Oo.vjirii ssi on r \ . «* *» fiat ioft©cl throughout these four collection districts in 65 local offices aiMl posts of duty. * f o r purposes of general area supervision and coordination of local tax administration, there it doing established in Cleveland the office of District Coatsi®sioner. This office is a new provision in the reorganisation. The District Commissioner for Cleveland has full responsibili ty for all field t a i n supfcf'v i & i on ove r « jlx r t i e r aa kevenue service matters within their collect ion districts. t r s ¿re Ia nd .. f n atel & s @ u r e d e 1o r t h t conven representa t ive, irector, ■W iif ** p; r I ^i w» 1 11 b ñ com. oc r 80 %#■ I *V i H is j»0 0 mjl i i* local representatives will mssmsscsmm m m unm 1 H Tc T ««If %••■f **I ,4 Stm iM is.'f - - 17 without inconvenience to taxpayers. w Reorgan ization Plan N o . 1 is not a complicated blueprint understandable only by experts. It is.simple. "One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue. Every post in the service, with that one exception, will now be filled by Civil Service appointees. fil? of the i n s t a l l a t i o n c e r e m o n i e s In addition, we have e x t e n s i v e l y r e o r g a n i z e d the h e a d q u a r t e r s of the B u r e a u of Internal R e v e n u e in ashington. SIimilar R Later today, with a c e r e m o n y in Detroit, we w i l l c o m p l e t e our r e o r g a n i z a t i o n program. n ar the skillful direction of the C o m m i s s i o n e r of In t e r n a l Revanu«| and hi® a s so c i a t e s , the t r a n s i t i o n is b e i n g a c c o m p l i s h e d s m o o t h l y and c o l l e c t ione 10 ?r* u n p r e c e d e n t e d d e m a n d s m a d e on it in the W o r l d W a r 1 1 era. The S e rv i c e s u d d e n l y had to h a nd l e m i l l i o n s of r e t u r n s f r o m t a x p a y e r s who never b e f o r e had b e e n r e q u i r e d to pay F e d e r a l income taxes. it j had to assu m e r e s p o n s i b i l i t y a l m o s t o v e r n i g h t for the c o l l e c t i o n of n e w k i n d s of taxes, and the a p p l i c a t i o n of s h a r p l y i ncreased r a t e s in those t a x e s a l r e a d y in exi s t a n c e at my ©r v ii*8 ii»s d e m o n s 1 •4* ä l»vU necessity for such a c t i o n . An oruani zation which had worked fairly well in its' ü n r i iär y ti<ir s wh e n it modest relativ i deuce ** o ** Keoro&ni ¿«ti erv ice » o fitÖ s 4* structure 5 ar Ies c r e a t i o n of c»erv Ice can to continue their CJT ive the *progress ' «&■ Wik 9 II m j nor eased In fo s e rv ic e h e a d in g R e l e a s e 1 0 a . m . EST Mqq d a y j D e c . J t 1 9 5 2 C le v e l a n d , O h io , Jo h n W . S n y d e r , A u d ito riu m f o r In te rn a l S- D ec. s p e a k in g th e R evenue at 1 - c e re m o n ie s in s ta lla tio n S e rv ice fo r S e c re ta ry in of 3 th e th e s a id to d a y : T reasu ry C le v e la n d o f new o f f i c i a l s O h io , ^ o f th e P u b lic TREASURY DEPARTM ENT Information Service WASHINGTON, D .C . 427 Release 10:00 a.m, EST Monday, Dec. 1, 1952 S-32U8 Clevel and, Ohio, Dec. 1 - Secretary of the Treasury John ¥. Snyder, speaking at ceremonies in the Cleveland Public Auditorium for the installation of new officials of the Internal Revenue Service for Ohio, said today: HI am happy to be here today to participate in these ceremonies which bring to the State of Ohio a modernized Internal Revenue Service, with District headquarters in Cleveland. This ceremony marks one of our final installations to complete throughout the country the reorganization of the Bureau of Internal Revenue, pursuant to the provisions of the President*s Reorganization Plan No. 1 of 1952. »Your presence here indicates that you appreciate the importance of the progressive action which we have taken. Your presence is also an expression of confidence that, through the operation of the new plan, we shall bring to the taxpayers a Revenue Service fully adequate to meet its greatly increased responsibilities and fully meriting the confidence of the public. »Better service to the American citizens and. better service to the Nation have real meaning for the people of this city and State, whose history is replete with contributions to America*s progress and leadership. Since the early years of the Republic, when the site of this city was carved out of the western wilderness, Cleveland lias grown steadily to become one of our Nation*s great industrial, intellectual and spiritual towers of strength. Ohio has given our Nation six of its Presidents and five of its Secretaries of the Treasury. Since the creation of the office of Commissioner of Internal Revenue in 1862, three Ohioans have served in this top post of the Revenue Service. "I know that we can count on the people of Ohio to continue their efforts to strengthen the financial structure of our Government and to make the reorganized Revenue Service which is being instituted here in Cleveland today a model in good government administration, "From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, Assistant Secretary Graham, the Treasury Staff, the Commissioner of Internal Revenue and his associates in the Revenue Bureau. -• 2 •» "The Reorganization Plan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department' and the Revenue Service itself but also by individuals and groups representing the Congress, other Government agencies, business management firms, and taxpayer organizations — in short, the composite of the most capable consultants available, "The goals of this action are a maximum of operating efficiency and economy, fast, convenient, and accurate service to all persons transacting business with the Bureau, scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Bureau, I have every confidence that these goals will be realized, "The preparation of the Reorganization Plan was a tremendous task, and it was not accomplished overnight, ihe study given to the problem covered several years of intensive work, and the final drafting of the plan was not completed until after a long series of preparatory steps had been taken, "The elimination of weak spots from the Internal Revenue Service, and improvements in its operational methods, began at my direction in ipli.6 , soon after 1 became Secretary of the Treasury# "Our wartime experience in the Service had demonstrated the necessity for such action. An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era. The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes. It had to assume responsibility almost overnight for the collection of new kinds of taxes, and the application of sharply increased rates in those taxes already in existence, "Collection methods were drastically changed by the installation of the income tax withholding system. Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified. "The inadequacy of the Revenue Service}s equipment and methods was plainly apparent, and the need for a thorough overhauling was conspicuous. But temporarily, the problem had to be put aside. So long as the war continued we had neither the time, the men, nor the machinery to accomplish the necessary overhauling. "By 191*6, the situation had changed. More men and women became available for civilian employment as the strength of the Armed Forces declined. More machinery became available with the reduction in the demands for military equipment. It was then that the work of modernizing the Bureau of Internal Revenue was started# S~3l£8 429 - 3 I »»Even as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem. Ihe period from I9I46 to 1952 saw a large increase in the number of income tax returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about 90 million tax returns of all kinds annually, and in the latest fiscal year its collections reached the record sum of $65 billion. »'That, in brief, is the historical background against which reorganization of the Revenue Service is being effected. "In going about this task, we had to remember constantly that the Eureau of Internal Revenue is not like a factory, or an assembly plant. It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on collecting the Nation*s revenues and doing the rest of its huge daily job, while making the changes called for in.the plan. "This is the sixteenth area in which the reorganization plan has been put into effect. I have personally attended all but three of the install lation ceremonies. In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington. Later today, with a similar ceremony in Detroit, we will complete our reorganization program. "Under the skillful direction of the Commissioner of Internal Revenue and his associates, the transition is being accomplished smoothly and without inconvenience to taxpayers. "Reorganization Plan No. 1 is not a complicated blueprint understand able oniy by experts. It is simple. "One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue. Every post in the service, with that one exception, will now be filled by Civil Service appointees. "Another important feature is the simplification and streamlining of administrative authority, so as to- eliminate complexities for the taxpayer and improve methods of supervision. "Here is how the Cleveland District will be administered. In this District, four offices of Director of Internal Revenue are being established. These four offices of the Director will be located in the cities of Cleveland, Columbus, Cincinnati and Toledo. S-32L8 - u uIn general, the Directors will maintain supervision over all Federal Revenue Service matters within their collection districts4 Taxpayers are assured o f improved service and greater convenience because henceforth the Director, or his local representative, will be responsible for complete handling of all Federal tax matters in his locality* For convenience, local representatives will be stationed throughout these four collection districts in 6 f> local offices and posts of duty. t'For purposes of general area supervision and coordination of local tax administration, there is being established in Cleveland the office of District Commissioner* This office is a new provision in the re organization. The District Commissioner for Cleveland has full responsi bility for all field activities in the four collection districts. Under this reorganization, there are clear and direct lines of authority and accountability from the Directors of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner in Washington. »One of the members of the District Commissioner*s staff will be the Assistant District Commissioner for Intelligence. Under his direction there will be intensified efforts to see that every fraudulent attempt to evade Federal taxes will bring quick investigation and action. "The task of fighting tax frauds never was an easy one. In recent years the criminal element has attempted tax evasion with greater per sistence than ever before. It is our determination that this persistence will be met by the special agents of the Revenue Service with even greater enforcement diligence. The Assistant District Commissioner for Intelligence will see that the full limit of available manpower is sp plied to the tax evasion problem. »In streamlining the Revenue Bureau*s operations, we have provided for improved supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past. There has been established an independent Inspection Service* under the direction of an Assistant Commissioner for Inspection, which will maintain a constant check on employee conduct and watch other Revenue Service activities as well. »The Treasury and the Revenue Bureau have taken positive steps to eliminate from the Service those employees who have failed in their public trust. The work of Congressional investigative groups has had, and will continue to have, our full cooperation. »In placing the Reorganization Plan in effect, we have made it our objective that only the most capable persons available would be named to the positions of District Commissioner of Internal Revenue, Director of Internal Revenue, and other supervisory posts. I am confident that our selections for the office o-f District Commissioner here in Cleveland and the offices of Director of Internal Revenue in Columbus, Cincinnati* Toledo and here, will measure up to every expectation. S-32U6 - 5- 43 nThe State of Ohio which these officers will serve, providing as it does a wide variety of basic enterprises, is one of great importance to the economic strength of our Nation« "Throughout the State, highly developed industrial centers contribute to America<s productive power through the manufacture of rubber products, machine tools, machinery and metal products, aircraft and many other items essential in a peacetime economy and vital in times of national defense«, Likewise, agriculture is a highly developed enterprise in this State« During the first six months of 19i?2, cash receipts from farm marketings in Ohio represented over 3-1/2 percent of the total for the country© "This State which was a great productive arsenal for our Nation in World War II is once again in the national spotlight for its many contri butions to our current defense effort. A recent example is the selection of the Portsmouth area for the site of one of our most vital atomic energy projects* "As you have been constantly expanding the productivity of your economy, so has its importance been growing to our countryls revenue system. "In the 19^2 fiscal year there were over 3-1/2 million individual income tax returns filed in the Ohio collection areas which now comprise the Cleveland District. This was approximately 7 times the number filed in 19U0* The total number of tax returns filed in this district in fiscal 1952 was about k million, as compared with 1 million in 19U0* Total tax collections from this state in the past fiscal year amounted to IU-1/2 billion, or 7 percent of the countryfs total Internal Revenue tax collections. "It is with much satisfaction that we bring to such an outstanding state a modernized Federal Revenue Service such as that incorporated in the Internal Revenue Reorganization Plan. "We have had most generous cooperation in arranging today *-s ceremony* I want to express our warm appreciation to all those who have taken a part in making this occasion possible. "It is my firm belief that todayfs reorganization proceedings, and those alreacfy- held throughout the Nation, will give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity." 0 O0 S-32U8 S£ff everv locality where these iis s ig n if ie have taken place that the ifill ( sciures, -J fi kina personnel I'iff* IJ i, opérât ing design f- jnet allat ion« lit **%f* if aiQ icy, the advanced f Ic Ienc'ï ♦ and the u iIt - in " assurances of trustw eorgan rovi 0 3 (t ¿m-. O my f Irm confidence will S I S,#' 1 ef that t ell placed. Uui o INSERT: Under Secretary Foley introduced Secretary Snyder as the p rin cip al speaker. He referred to the Secretary as the man who motivated reorganization of the Revenue Service from the very sta rt, and whose guidance, inspiration and firm resolve saw i t through to accomplishment. oOo where these installations every loe This signifie have taken p improved p iat ti yj q r*ft w di y e n u r e s / i n n rV fit for % éw in hJ EX i j assurances the u s x w o r Reorga.il iz provides have won « enee. K i "© iUi*o^ *>:/ nub M J »il confi d 3 will prove Release 2:00 0 b I m%M every locality where these installations have taken place. This signifies to 1.1&■ i %0, cy, the ad üUi ìs ■Ul © w d | icn for operating err*# ir> ic iency, and the in assurances trustworthy a an Iz at ion Oi raasice whic provides have won a s rl blic # T Irn D .m 3e v/ i 0 • o ove well / so reorganizatic nan Revenue uerv4.ce trom t ne very s4i*L m1P*fv y whose i rl ance, inspiration "‘X * n t , e saw it through to accompli snuei \ cn re 5 6S£ (I It is the n O -f T 3o one of the largest Treasury Department in the entire j ^ tu. (twhat we are to do here U p “t o ■*» m *J 0% y is j t in q date the structure a vital trill of nroceriures of Sove w 4* W U ÿ a *» | 4 dM to their local at ion of your hospital ¡¡¡ft 3 government as well as the financial affairs of the taxpayer himself. v e r y Therefore, much to the t a x p a y e r s it is interest that we are now inaugurating a new and better manner of administering the Revenue Bureau's responsibilities. lCThe duties of the Bureau involve not only receiving and processing the tax report of tens of millions of Americans each year, but also the handling of tax returns from partnerships and corporal ions, excess profits taxes, the excises on cigarettes and liquor and jewelry and many other items, 2 ri r . P 4 one j, * >«% -t progressive «#«■ istory of this country. government in %r kinow, .8 in good jri 11 ** Plan now Reoraar received a ng placed in months dl <%w:%ap| S' 'v Q T X ort of it, as indi presence here this it iTy ing aking this action Internal concern 118 #%PV ftM « c s Is l ai in 0 W"-' Y8* ''On b e h a l f of the>, Secret a r y -;— -aft#— 1§|| Hp T r e a l ury Department, I want to welcome all of you cordially to these proceedings, the purpose of which is to institute for the state of Michigan a basic improvement in the organization and methods of the Bureau of internal Revenue. (l This state forms a region which for purposes of Internal Revenue service adm in istrat ion will be known hereafter as the Detroit District, ((the action which we are taking to reorganize the Revenue Service embodies -si»' s- / a V 7 Release 2 p.m. EST M o n day, Dec, 1, 1952 Detroit, Mich,, Dec, 1 - Under Secretary of the / Treasury Edward H. Foley, speaking at ceremonies in the Veterans Memorial Building for the in sta lla tio n of o ffic ia ls of the reorganized Internal Revenue Service for Michigan, said today: M0n fehalf of the Treasury Department, I . . . • TREA SU RY DEPARTM ENT ■ Information Service RELEASE 2 p.m. EST Monday, December 1, WASHINGTON, 439 1952, S-3249 Detroit, Mich., Dec. 1 - Under Secretary of the Treasury Edward H. Foley, speaking at ceremonies in the Veterans Memorial Building for the installation of officials of the reorganized Internal Revenue Service for Michigan, said today: ■ "On behalf of the Treasury Department, I want to welcome all of you cordially to these proceedings, the purpose of which is to institute for the State of Michigan a basic improvement in the organization and methods of the Bureau of Internal Revenue. "This State forms a region which for purposes of Internal Revenue Service administration will be known hereafter as the Detroit District. "The action which we are taking to reorganize the Revenue Service embodies one of the most progressive steps in good govern ment in the history of this country. As you know, the Reorganization Plan now being placed in effect received a few months ago the overwhelming approval of the Congress. Your support of it, as indicated by your presence here this morning, is gratifying to all who have had a hand in making this action possible. "The manner in which the Bureau of Internal Revenue functions is of direct concern to every taxpayer. Its activities affect the welfare of the taxpayer’s government as well as the financial affairs of the taxpayer himself. Therefore, it is very much to the taxpayer’s interest that we are now inaugurating a new and better manner of administering the Revenue B u r e a u ’s responsibilities. "The duties of the Bureau involve not only receiving and p r o cessing the tax reports of tens of millions of Americans each year, but also the handling of tax returns from partnerships and corporations, excess p>rofits taxes, the excises on cigarettes and liquor and jewelry and many other items, the taxes on the gains of gamblers, and a long list of other levies, "In addition to collecting and recording these taxes, the Bureau checks the accuracy of returns, investigates a large number of them in detail, collects billions in taxes not voluntarily reported and makes refunds on overpayments running into billions. 2 440 "That is still not the last of the B u r e a u ’s duties. It has additional tasks such as issuing permits for distillers and the manufacture of firearms, and the supervision of various angles of the alcoholic beverage business. "It is the largest bureau of the Treasury Department, and one of the largest in the entire Government. "What we are to do here today is bring up to date the structure and the operating procedures of this very vital arm of the Government. "I want to express to the people of the State of Michigan, and to their local officials, our appreciation of your hospitality and of the cooperation which we have had in arranging for this ceremony. "We have had similar cooperation in every locality where these installations have taken place. This signifies uo me that the improved procedures, the forward-looking personnel policy, the advanced design for operating efficiency, and the ’built-in’ assurances of trustworthy performance which the Reorganization Plan provides have won full public confidence. "It is my firm belief that this public confidence will prove well placed." Under Secretary Foley introduced Secretary Snyder as the principal speaker. He referred to the Secretary as "the man who motivated reorganization of the Revenue Service from the very start, and whose guidance, inspiration and firm resolve saw it through to accomplishment." 0 O0 S-3249 of the Nation, will give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity.^ v iy,fe such that i n co r p o r a t e d in the Inter * We have most c o o p e r a t i o n in a r r a n g i n g cerem o n y . I w a n t to warm our to all those in m a k ina th i o c c a s ion ble. It is m y f i r m b e l i e f that a y ’s r e o r g a n i z a üüffi reí previ o u s l y e r Y i n d u s t r i a l i z e d area is i n e v i t a b l y s e n s i t i v e to even m i n o r f l u c t u a t i o n s in the N a t i o n ’s econ o m y . As your e c o n o m y has b e en e x p a n d i n g , so h a s its importance been g r o w i n g to our c o u n t r y ’s r e v e n u e s y stem. if In the 1952 f i s c a l year there were al mo s t 3 m i l l i o n individual income tax r e t u r n s f i l e d in Michigan. This w a s over 6 t i m e s the n u m b e r filed in 1940. The t o tal nu mb e r of tax - #V Ci 26 civilian production. ■■ ’ - In fact, the r e c o r d of these indu s t r i es d u r i n g W o r l d War II, w i t h their sk iIlful c o n v e r s i o n to the p r o d u c t i o n of war m a t e r i e l , and t h eir s u b s e q u e n t r e c o n v e r s i o n , a l m o s t o v e r n i g h t , to full p e a c e t i m e p r o d u c t i o n is one of ■I ü ' . V ;F the g r eat s a g a s of our i n du strial ■11 h i story. The new h e i g h t s of p r o s p e r i t y w h i c h have been here in the past decade are more n o t a b l e b e c a u s e such a üm a s s o c i a t e s r e p r e s e n t s , as I earlier, one of most highly industrialized sections of the over o n e - t h i r d of e q u i p m e n t m a n u f a c t u r e d in the tat©s . The m a n u f a c t u r e Ú8 is c o n c e n t r a t e d in thi area. This m e a n s a va st a utili zed in is of ilable to anse or g B i - Til CO ** n a m e d to the p o s i t i o n s of ¡strict C o m m i s s i o n e r of internal R e venue, ii ir e c t o r of internal R e venue, and other s u p e r v i s o r y I am c o n f i d e n t that our s e l e c t i o n s for the o f f i c e s of D i s t r i c t C o m m i s s i o n e r and irector of Internal R e venue, here in Detroit, w i l l m e a s u r e up to every expectation. (I The area wh ioh will s e r v e d by these o f f i c e r s and their t\ JP’, a t t e m p t to evade F e d e r a l t a x e s brings ick i n v e s t i g a t i o n and action. The task of f i g h t i n g tax f rautis never was an easy one. In r ecent cr imi A e v a s i o n with g r e a t e r persi e. e v er Iti ¡nation that t h i s p e r s i s t e n c e will be met A X ai 1 H e r v i c e with even g r e a t e r en fo r c e m e ¡licence. 0 istr ict at ava i1 ss Ioner the full limit r* I* to the "Under this reorganization, there are clear and direct lines of authority and accountability from the Director of Internal evenue ict 3i stri ct to the a A n s îoner ft ss Ioner oner in Washi n g t on . n importia 0 1 s i r ict ill be to intensify ib i1 it y SS 1 0 see that every fraudulent 21 new /provision in the reorganization The District Commissioner will have full responsibility for all Federal revenue oper at ione in Michigan. Serving on the District Commissioner's staff will be three Assistant District Gommissioners who will be responsible for the District's appellate activities, functions relating to the alcohol and tobacco tax activities, and conven ienee representatives wi throughout the Sta headqu«rters a i. 8 0 in in Wash inyton t estabi ished df afft is the s isipliticati m mR i t,ui m a e atftl ini bt al &dmi nistrat f 1 1m i n a e v Scf íes for the taxpayer GUîïlp <# jM* § fid I1ripr 0 V c methods o 1 SU p er v »s io (Í Ili#r i ift how the Oetr a st y is t Will :OS § affi1n istared. if Ifig p U 0.!,Í1 1s ö r sa t er* i r k iff-. P ».rt 0 T the «©actions of f edera! tax « s.11 i-r a in the at ate u f M IQ 11Ì a n w i l -Jfa ■W1 ä¡ Ê* Ê** #? ,g%1«¡Fmìpa$ 1 led on changed. More men and women became available for civilian employment as the strength of the Armed forces declined. More machinery became available with the reduction in the demands for military equipment. It was then that the work of modernizing the Bureau of Internal Revenue was started. r Even as we took the first steps, our rapid postwar reconversion with its attendant prosperity, added « a n a g e m a nt firms, and taxpayer organizations -- in short, the composita of the most capable \ Ml * ¡1 |§|p consultants available, ¡¡J^fThe goals of this action are a maximum of operating efficiency and economy, fast, convenient, and accurate service to all persons transacting business ^ith the Bureau, scrupulous protection of the Sovernment revenues, and the the Nation’s automotive industry, it is also a cornerstone of our country’s productive power and . a ;1 a citadel of our defense mobilization. It is a city well suited to be the center of the modernized Revenue service which is be ini installed today in this vital otate* ''we are corn i ent that the progressive action being t a icon ISit Ifei O T i It i CnL t pleasure Wi todav to take a file y o part in the inauguration rsonal new era in Revenue w State ervioe affairs for of ih i i cere wf e t ion of rks 4* i reoroanization o Bureau Int R e v e n u e t the entire c s reorganizai 3 d u r su a fit 2 R e l e a s e 2 p .m * EST M onday, D e c . 1 , 1 9 5 2 D e t r o i t , M ic h ., J o h n W. S n y d e r , B u ild in g fo r th e R evenue S e r v i c e S- D ec. 1 sp e a k in g at - fa? S e c re ta ry c e re m o n ie s in s ta lla tio n M X K 2X ~ of in th e t h e V e t e r a n s M e m o r ia l o f new o f f i c i a l s M ic h ig a n , s a id T re a su ry of to d a y : th e In te rn a l TREASURY DEPARTM ENT Information Service WASHINGTON, D .C . 474 Release 2 p.m. EST Monday, Dec» 1, 1952 S-325 Ö Detroit, Mich., Dec. 1 - Secretary of the Treasury John W. Snyder, speaking at ceremonies in the Veterans Memorial Building for the installation of new officials of the Internal Revenue Service for Michigan, said todays . ”It is a great pleasure for me to be here today to take a personal part in the inauguration of the new era in Revenue Service affairs for the State of Michigan. This ceremony marks the completion of the reorgan ization of the Bureau of Internal Revenue throughout the entire country* This reorganization has been effected p\irsuant to the provisions of the Presidents Reorganization Plan No* 1 of 1952« That plan, as you know, received the emphatic approval of the Congress* «It is fitting that this unique city of Detroit has been selected as the home of the principal headquarters for this important district* With approximately half of all of the Nation’s workers in motor vehicles located in the Detroit area, this city is justly known as the hub of the Nation’s automotive industry. It is also a cornerstone of our country’s productive power and a citadel of our defense mobilization. It is a city well suited to be the center of the modernized Revenue Service which is being installed today in this vital State. ”¥e are confident that the progressive action being taken here today will bring to the taxpayers a Revenue Service fully adequate to meet its greatly increased responsibilities and fully meriting the confi dence of the public. ’’From the very beginning of the reorganization task I have had enthusiastic cooperation — from the President, Under Secretary Foley, Assistant Secretary Graham, the Treasury Staff, the Commissioner of Internal Revenue and his associates in the Revenue Bureau. ’’The Reorganization Plan is the product of earnest study and diligent effort not only by administrative experts of the Treasury Department and the Revenue Service itself but also by individuals and groups representing the Congress, other Government agencies, business management firms, and taxpayer organizations — in short, the composite of the most capable consultants available. - 2 47 - The goals of this action are a maximum of operating efficiency and econoiry, fast, convenient, and accurate service to all persons transact ing business with the Bureau, scrupulous protection of the Government revenues, and the maintenance of unquestioned integrity among the employees of the Revenue Service. I have every confidence that these goals will be realized. ^'The preparation of the Reorganization Plan was a tremendous task, and it was not accomplished overnight. The study given to the problem covered several years of intensive work, and the final drafting of the plan was not completed until after a long series of preparatory steps had been taken* "The elimination of weak spots from the Internal Revenue Service, and improvements in its operational methods, began at my direction in 19^6, soon after I became Secretary of the Treasury. nOur wartime experience in the Service had demonstrated the necessity for such action. An organization which had worked fairly well in its earlier years, when it collected comparatively modest amounts of taxes from relatively few people, had been almost overwhelmed by the unprecedented demands made on it in the World War II era. The Service suddenly had to handle millions of returns from taxpayers who never before had been required to pay Federal income taxes. It had to assume responsibility almost overnight for the collection of new kinds of taxes, and the application of sharply increased rates in those taxes already in existence. ^’’Collection methods were drastically changed by the installation of tne income tax withholding system. Still another complication was the fact that the rapid rise in wartime incomes fostered tax evasions that had to be discovered and rectified* "The inadequacy of the Revenue Service’s equipment and methods was plainly apparent, and the need for a thorough overhauling was conspicuous. But temporarily, the problem had to be put aside. So long as the war continued we had neither the time, the men, nor the machinery to accomplish the necessary overhauling. uBy 19^6, the situation had changed. More men and woinen became available for civilian employment as the strength of the Armed Forces declined. More machinery became available with the reduction in the emands for military equipment. It was then that the work of modernizing the Bureau of Internal Revenue was started. . "Even as we took the first steps, our rapid postwar reconversion, with its attendant prosperity, added to the dimensions of the problem, ihe period from I 9I46 to 1952 saw a large increase in the number of income x returns, both individual and corporate, and tax collections increased proportionately. Today the Bureau of Internal Revenue receives about S-3250 476 - 3 - 90 million tax returns of all kinds annually, and in the latest fiscal year its collections reached the record sum of ,¡»65 billion. nThat, in brief, is the historical background against which reorganization of the Revenue Service is being effected. nIn going about this task, we had to remember constantly that the Bureau of Internal Revenue is not like a factory, or an assembly plant* It could not be closed down for a week or a month while an old system was abolished and a new system installed. The Bureau had to go right on collecting the Nation's revenues and doing the rest of ibs huge daily job, while making the changes called for in the plan. "This is the seventeenth and final area in which the reorganization plan has been put into effect. I have personally attended all biat three of the reorganization ceremonies. In addition, we have extensively reorganized the headquarters of the Bureau of Internal Revenue in Washington. ’^Under the skillful direction of the Commissioner of Internal Revenue and his associates, the transition has been accomplished smoothly and without inconvenience to taxpayers. "Reorganization Plan No. 1 is not a complicated blueprint under standable only by experts. It is simple. "One of its provisions is to eliminate all non-career offices in the Revenue Service, with the single exception of the Commissioner of Internal Revenue. Every post in the service, with that one exception, will now be filled by Civil Service appointees* "Another important feature is the simplification and streamlining of administrative authority, so as to eliminate complexities for the taxpayer and improve methods of supervision. "Here is how the Detroit District will be administered. greater part of the public's transactions of Federal tax matters in the State of Michigan will be carried on through the Office of Director of Internal Revenue. The responsibilities of the Director who will be stationed here in Detroit will include those of the former Collector whom he replaces. In addition to collection activities, there are also being established in the Director's Office divisions to handle the audit and intelligence activities of this District. For the convenience of the taxpayers, local representatives will be stationed throughout the State m U1 presently located offices and posts of duty. "For purposes of general area supervision and contact with the Headquarters office in Washington, there is also being established in Detroit the Office of District Commissioner. This office is a new S-3250 - 4- 477 provision in^ the reorganization* The District Commissioner will have full responsibility for all Federal revenue operations in Michigan* Serving on the District Commissioner«8 staff will be three Assistant District Commissioners who will be responsible for the Districts appeilate activities, functions relating to the alcohol and tobacco tax activities, and administrative management problems« 'Under this reorganization, there are clear and direct lines of authority and accountability from the Director of Internal Revenue to the District Commissioner and from the District Commissioner to the Commissioner m Washington* "An important responsibility of the District Commissioner will be to intensify efforts to see that.every fraudulent attempt to evade Federal taxes brings quick investigation and action* The task of fighting tax frauds never was an easy one. In recent years the criminal element has attempted^ tax evasion with greater persistence than ever before* It is our determination that this persistence will be met by the special agents of the Revenue Service with even greater enforcement diligence. The District Commissioner will see that the full limit of available manpower is applied to the tax evasion problem* streamlining the Revenue Bureaurs operations, we have also in,p p ve4 supervision of employee conduct, and helped eliminate the temptations to which some employees have succumbed in the past. There has been established an independent Inspection Service, under the direca? A ®sistant Commissioner (for Inspection), which will maintain =?n®tant check on employee conduct and watch other Revenue Service activities as well* ." r*"ie Treasury and the Revenue Bureau have taken positive steps to truSnatvhir0m . thei.S®rvice those employees who have failed in their public contim,» ^ T Congressional investigative groups has had, and will continue to have our full cooperation* oh "?n pdaojng the Reorganization Plan in effect, we have made it our the n o s ^ t that *he most oaPable persons available would be named to InternalLtn0nS 0f Disy ict Commissioner of Internal Revenue, Director of selecHL«e7 enU!; anl 0ther suPe™i-s°ry posts. I am confident that our Intern»? o f°r the °ffl0es of District Commissioner and Director of internal Revenue, here in Detroit, will measure up to eveiy expectation. represents31^ ™hich "i 11 be served by these officers and their associates S e ctio n s e menF-oned earlier, one of the most highly industrialized porteH o i1® 00intry* Michigan produces over one-third of the transof nthsn eJu?pi,lent manufactured in the United States. The manufacture this ares S-P °tS 3nd dur3ble S°0ds is also ldghly concentrated in bo be utilising mT If S 3 V3St 3upply of skilled labor is readily available utilized in defense or essential civilian production. In fact, the S-3250 473 - 5 - record of these industries during World War IX, with their skillful conversion to the production of war materiel, and their subsequent reconversion, almost overnight, to full peacetime production is one of the great sagas of our industrial history* The new heights of prosperity which have been recorded here in the past decade are all the more notable because such a highly industrialized area is inevitably sensitive to even minor fluctuations in the Nationfs economy* uAs your economy has been expanding, so has its inportance been growing to our country*s revenue system* **In the 19?2 fiscal year there were almost 3 million individual income tax returns filed in Michigan* This was over 6 times the number filed in l^UO* The total number of tax returns filed in this State in fiscal 195>2 was close to k million, as compared with about 800,000 in 19140, Total tax collections from this State in the past fiscal year amounted to over $5 billion, or almost 8 percent of the country*s total Internal Revenue tax collections. **It is with much satisfaction that we bring to such a vital State a modernized Federal Revenue Service such as that incorporated in the Internal Revenue Reorganization Plan* "We have had most generous cooperation in arranging today*s ceremony. I want to express our warm appreciation to all those who have taken a part in making this occasion possible, 11It is my firm belief that the result of today*s reorganization proceedings here, and those previously held throughout the rest of the Nation, will give the American people a Revenue Service of maximum efficiency and operating economy, manned by employees of unquestioned integrity* '* 0O 0 S-3250 IMMEDIATE RELEASE, Friday, November ¿8, 1952. The Secretary of the Treasury today announced the subscript ion and allot ment figures with respect to the offering of additional amounts of the 2 per cent Treasury Certificates of Indebtedness of Series C-1953, dated August 15, 1952, open to the holders of Treasury Certificates of Indebtedness of Series F-1952, maturing December 1 , 1952* Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows i Federal Reserve Di s t r i c t _____ _ Total Subscriptions Received and Allotted # 37,200,000* Boston Hew fork Philadelphia Cleveland Richmond Atlanta Chicago St« Louis . Minneapolis Kansas City Balias San Francisco Treasury 126.710.000 lb , 096,000 73.503.000 2 0 ,63b,000 21.817.000 117.330.000 b b ,770,ooo 29.614.000 2b,79b,000 10.712.000 b 5 ,262,000 6 ,601,000 TOTAL 1373,123,000 TREASURY D EPARTM EN T Information Service WASHINGTON, D .C . 480 IMMEDIATE RELEASE, Frida:/, November 28, 19 5 2 . S-3251 The Secretary of the Treasury today announced the subscription and allotment figures with respect to the offering of additional amounts of the 2 percent Treasury Certificates of Indebtedness of Series C-1953* dated August 15* 1952, open to the holders of Treasury Certificates of Indebtedness of Series P-1952, maturing December 1, 1952. Subscriptions and allotments were divided among the several Federal Reserve Districts and the Treasury as follows: Federal Reserve District_______ Total Subscriptions Received and Allotted $ 37 , 200,000 426.710.000 14.096.000 73.503.000 20.684.000 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Treasury . 21 817.000 117.330.000 44.770.000 29.644.000 24.794.000 . 10 712.000 45,262,000 6,601,000 TOTAL 0O0 $873,123,000 - - ‘tH oti9 à.o ets of Revenue workers inear.-e respe) r* ft i j II commemor marks tne ion of the completion ** a 3 9 Q operation t h ^ H t iti ;i|............ president's Reorganization e of the pr 52 . Plan Ncj. 1 forward, we t up the arduous an or rnase z , o From tod s'iurano® that h :h determination *%A th the merican people will have an Q ient, competent Revenue Service of which y can he truly proud. of Intar opportunity to pay those tons of have done our beat tto place in gn responsioni ft pi y « ySjU he most otuatol is available 4 a m e e t .r ia i Civil service stan it system ion now governs appo ions out he reorganized fice of Commissioner of Int S3» In d o s i I want A too m H ioner ill ¡ant Civil Service car started there almost 20 year 29 years. o t á i s It to know that intarsst arsons s percent of icials in the reorganized as Kevenue service tnrouq country have peen Kevenue career average stter of service to the Bureau. A career man IV 8 3 RIV r r e o r o an ization. first came to . ent ire His capability in on var Iou reorganiz tion assiqnment •Of in addition to respons ib 11 it ie a, and local citizens volunteered their ass istance. I have been happy today to hear the many expressions of your satisfaction in having career man Seorge Neal as your District s s ioner 0 m er man Albert 0 irector. « a»» y v i n d - Civil Service 26 - - and r eve m ies huge da i l y 25 f i l e e masc i ng job, c h a n 08 8 c a l l e d for in a n . a f 1 ia r e c r u i t.m erit personnel posts, to the f ill he top of Ir' Ci Ì2 space ana re p o rtin g a co u a in tin o c OVQ8 S o s i b i l i , ana and far* in d o ctrin a tio n Ml su p e rv iso r co n so lid a tio n re o rg a n iza tio n new a c procedures, the its th « r e s t d oing p u b lic a w ith in more than 1,250 office U gì V ö of duty located throughout *%& & I i Moreover, as Puerto Rico ft A I M afternoon, unlike a factory or installed. The Bureau had to go right on collecting the Nation’s 2 - £ P h Another feature of the reorganization is the establishment of a strong, independent inspection ervice to assure thorough, continuing checks on the conduct of ureau employees and the performance §!!§§ of the Bureau’s field offices. hile the plan is in essence a very simple one, it is hard to imagine the thought and energy which went into planning the details of MS Infill this reorganization and putting it ervi ce a career - e r v ~v ic H ic e . mm know that no run such a rtheless* our stud ies it i rent to me and to outside studying the Bureau’s we could render even be service ic if we had I efficient organ i ailigw two groups s to say, no 17 1 fi X v to solve the war-born problems of tax collection. The results of the management improvement efforts were many and varied. To mention just a few -- voluntary compliance by taxpayers was increased by the simplification of tax forms and instruct ions ; routine functions were decentralized tax collection procedures were streamlined; and tabulating and other modern office equipment were installed. close of ava start a responsibilities and increased workload that the Bureau had to assume. best it could, for in the midstream o ia cin a in to o a tnee I know that I net th i au o n c e o f product i v it y ou W will Cil - 10 - Comm ittee on 1n t e r n a l R e v e n u e T a x a t ion, the Senate F inance Oh Q fiC)ijj^ W a y s and c a p s t o n e of a long s e r i e s of of p l a n s for an a d m i n i s t r a t i o n service in .which I 8 best p o s s i b l e a d v a n t a g e to the t a x p a y e r and the G o v e r n m e n t . It cont inu ing 11 reor g a n i of such are found necessary. It is t h e c u l m i n a t i o n a ig n m e n t of in after a n o t h e r of the d i s t r i c t s a c r o s s the reorganization i w ith ierv Ice a f f a i r s in their localities. aer 5 same fence. The er s , n e w s r e e l s , r a d i o and t e l e v i s i o n servi ces their r e p o r t s of our it i the ic r e g a r d s the r e o r g a n i z a t i o n un de r t a k i a 10 our g o v e r n m e n t a l & gres • ive ent in sp.^ of new o f f i c e r s in as m a n y new Internal R e v e n u e d i s t r i c t s over is the c o u n t r y u n d e r the plan, 39 ith the one i Ch ica cago on May 20 a the one in c4V B ilk a QT A ating in all In e v e r y inst a n c e a t i o n in d the f inest - 3 you should place your stamp of a on W in the Internal Revenue Bureau to better Your ve the Amer ican Is rt opinion, ; e our ¡¡¡I of it vou ~e c Ia I am to say that ave had throughout the Nation. seventeen ceremonies in all held for installati d e f e c t i v e m e c h a n i s m s , e x c e l in e v e r y m a n n e r of undertaking- for human advancement. That has been true t h r o u g h the y e a r s as D e tr o i t e m e r g e d f r o m the l i m i t a t i o n s of f r o n t i e r life and b e gan d e v e l o p i n g the imposing c o m m u n i t y of today. It is e x c e p t io n a l l y gratifying, t h e r e f o r e , to me and to my a s s o c i a t e s in the T r e a s u r y Department that in g a t h e r i n g here tonight, I am happy to join with you at this dinner, given in recognition of a marked achievement in the public service. That achievement is the completion here today in the great city of Detroit of Phase 1 of the reorganization of the Bureau Your lea 9 never content with ADDRESS BY SECRETARY SNYDER AT TESTIMONIAL DINNER FOR INTERNAL REVENUE DISTRICT COMMISSIONER FOR THE STATE OF MICHIGAN \1 ' "THE COMPLETION OF REVENUE SERVICE REORGANIZATION, PHASE 1.« VETERANS* MEMORIAL BUILrING DETROIT, MICHIGAN DECEMBER X, 1952 8i30 p.m* T he a d in n e r of th e fo llo w in g g iv e n c o m p le tio n S e r v i c e ,i s Uvv th e by a d d re ss th e by S e c r e ta r y D e tro it B o a rd of C om m erce i n of re o rg a n iz a tio n of th e sch e d u le d f o r d e liv e ry V e t e r a n / M e m o r ia l B u i l d i n g , a t th a t _||||T___ .(jsasas «— — Snyder b e fo re at 8 :3 0 D e tro it, re c o g n itio n I n t e r n a l R evenue p .m .^ i ® ^ an d i s fo r *' re le a s e tim e » — — «■■ -— rniin^ THE COMPLETION OF REVENUE SER V IC E RECRGANIZAUQN, PHASE 'V TREASURY DEPARTMENT Washington The following address by Secretary Snyder before a dinner given by the Detroit Board of Commerce in recognition of the completion of reorganization of the Internal Revenue Service, is scheduled for delivery at 8:30 p*m* EST, Monday, December T, 1952, in the Veterans 1 Memorial Building, Detroit, and is Tor release at that time© THE COMPLETION OF REVENUE SERVICE REORGANIZATION, PHASE 1 I am happy ta join with you at this dinner, given in recognition of a marked achievement in the public service* That achievement is the completion here today in the great city of Detroit of Phase 1 of the reorganization of the Bureau of Internal Revenue* Detroit is well accustomed to achievements of major magnitude* Your leaders, never content with inadequate organizations and defective mechanisms, excel in every manner of undertaking for human advancement* That has been true through the years as Detroit emerged from the limi tations of frontier life and began developing the imposing community of today. It is exceptionally gratifying, therefore, to me and to my associates in the Treasury Department that in gathering here tonight, you should place your stamp of approval on what has been done in the Internal Revenue Bureau to better serve the American public* Yours is expert opinion, and for this expression of it you have our warmest appreciation* I am pleased to say that we have had similar expressions throughout the Nation* Seventeen ceremonies in all have been held for the installation of new officers in as many new Internal Revenue districts over the country under the reorganization plan, beginning with the one in Chicago on May 20 and ending with the one held this afternoon in this same beautiful memorial structure* I have had the privilege of personally participating in all but three of them* In every instance we have had the finest cooperation in holding these ceremonies* Civic leaders, school and college authorities, local and State officials, judges, members of Congress and others have shown an active, enthusiastic interest in every installation program* Numberless people have come to me at the conclusion of the ceremonies to say they were impressed with the obviously high character of the men chosen to direct Revenue Service affairs in their localities* Under Secretary Foley has had the same experience* The newspapers, newsreels, radio and television services have been generous with their reports of our progress* - 2 - It is reassuring that the public regards the reorganization under taking as a sound* progressive and praiseworthy improvement in our governmental system. As Phase 1 of reorganization — the effecting of organizational changes and the assignment of personnel — was completed in one after another of the 17 new districts across the country, Phase 2 was started immediately. Phase 2 of the reorganization plan is the "follow through*' phase. It is the phase of detailed measures at all levels to make certain that reorganization is working with the best possible advantage to the taxpayer and the Government. It includes continuing study of all reorganized operations and the making of such adjustments as are found necessary. While the reorganization plan bears the date of 195>2, the new era in the Federal Revenue Service which it inaugurates is by no means the product of one year's efforts. It is the culmination of plans for an improved tax administration service in which I have been actively interested almost from the first day I became Secretary of the Treasury. It is the result of intensive study of the operations of the Bureau by Treasury and Bureau officials, private management engineering experts, the House Appropriations Committee staff, the Advisory Group of the Joint Committee on Internal Revenue Taxation# the Senate Finance Committee, the House Ways and Means Committee, the Hoover Commission# and many otherst> The plan ap proved by Congress is the capstone of a long series of studies.# Suggestions, and actual operating improvements which the Treasury and the Bureau manage ment staffs have been considering and placing into effect since 19U6* I know that I need not remind this audience of businessmen, bankers, industrialists, lawyers, accountants, tax authorities and Government officials of the tremendous impact that the events of the past decade have had on every segment of our economy* We have not only had to greatly expand the productivity of our farms and factories to meet the needs of war and defense production, but we have had to raise unprecedented sums of money to finance the continuing fight for freedom. This latter responsibility placed a tremendous strain on the business operations of the Bureau of Internal Revenue which, prior to our current reorganization, had been trying to function under a century-old organi zational framework — an organizational structure never designed to meet the heavy responsibilities and increased workload that the Bureau had to assume. Between 19U0 and 19U6, revenue collections increased sevenfold and tax returns to be processed quadrupled* The Bureau had to meet this increased workload the best it could, for in the midstream of war there was neither the time, the men, nor the machinery to accomplish the necessary overhauling. S-3252 518 519 - 3 - At the close of the War there was still a gigantic job ahead. Individual tax returns were being received twice as fast as they could be handled, and there was a steadily mounting backlog of returns to be checked and processed. But with manpower and machinery once more becoming available, it was possible to start a thorough overhaul of the Bureau1s operations. Shortly after taking office, I called to Washington in October 19U6 all key Revenue officials to plan and initiate an intensive program to overhaul, streamline, and modernize the tax collection system. Management skill and experience from every source were tapped — from the lower ranking Bureau employees to the most skilled management experts in the country — to solve the war-born problems of tax collection. The results of the management improvement efforts were many and varied. To mention just a few — voluntary compliance by taxpayers was increased by the simplification of tax forms and instructions} routine functions were decentralized} tax collection procedures were streamlined} and tabulating and other modern office equipment were installed. As a result of our various management improvements, I have been able to report to the Congress the saving of millions of dollars1 worth of man-hours, permitting the release of many of our people from routine work to front line enforcement of our revenue laws* Today it costs less than half a cent to collect each tax dollar. This is a figure that businessmen can readily appreciate, for they know that no haphazardly run organization could do such a job* Nevertheless, our postwar studies made it increasingly apparent to me and to outside groups studying the Bureau’s problems, that we could render even better service to the public if we had a more efficient organizational framework. Needless to say, no two groups came up with the same answers to the problem, and a great deal of study went into consideration of the best features of these differing proposals before the new plan of organization finally was evolved. The plan finally adopted was the composite result of the best thinking obtainable. With a business organization the size of the Bureau of Internal Revenue, employing more than 57,000 persons, there will, of course, always have to be continued improvement in its operations. The new reorganization does, however, provide an excellent framework around which future adjustments can be fitted, and it is to my mind one of the most progressive steps in Government administration which has been taken in many years* Here, in brief, is what the new reorganization does. It makes the Federal Revenue Service a career service, by eliminating all political appointees with the single exception of the Commissioner. S-3252 - u- 520 It provides a strong and responsive field organization which will eliminate coirplexities for the taxpayer and improve methods of^supervision. Today, for the most part, a taxpayer need not travel outside his home state to take care of any tax matter before the Revenue Service. Another feature of the reorganization is the establishment of a strong, independent Inspection Service to assure thorough, continuing checks on the conduct of Bureau employees and the performance of the Bureaufs field offices. While the plan is in essence a very simple one, it is hard to imagine the thought and energy which went into planning the details of this reorganization and putting it into effect once it had the approval of Congress* The President submitted the plan to Congress on January lUth of this year* The plan became effective last March l£th, and between then and today, December 1st, the entire reorganization had to be completed. You can get some think that the Bureau ization in the world, located throughout Li.8 idea of the magnitude of the job when you stop to of Internal Revenue is the largest business organ-* with more than 1,2^0 offices and posts of duty States, Alaska, Hawaii and Puerto Rico# Moreover, as I said this afternoon, unlike a factory or assembly plant, the Bureau could not be closed down for a week or a month while the old system was abolished and the new system installed. The Bureau had to go right on collecting the Nations revenues and doing the rest of its huge daily job, while making the changes called for in the plan# The recruitment of top flight personnel to fill top supervisory posts, the consolidation and reorganization of far«»flung offices, the indoctrination of employees in their new responsibilities, housing and space problems, new accounting and reporting procedures, and acquainting the public with the new Revenue Service were but some of the many problems we had to meet in less than nine months* time, while carrying on the regular operations of the Bureau. I can assure you that this tremendous task could never have been acconplished without the wholehearted cooperation of all our Internal Revenue employees, the Civil Service Commission, Treasury and Revenue staff members who took on various reorganization assignments in addition to their already heavy responsibilities, and local citizens and groups who volunteered their assistance. I have been happy today to hear the many expressions of your satisfaction in having career man George Neal as your District Commissioner for Michigan and career man Albert Menninger as your State Director# These men are typical of the kind of officials that we have selected for all 17 districts — career men with long experience in tax work and S-3252 - 5 - exceptional administrative ability# 521 Next January, Mr; Neal will have completed 1*0 years of service in the Internal Revenue Bureau, more than 2£ years of which he has spent as Internal Revenue Agent in Charge at Detroit* Mr* MenningerS service in the Bureau totals more than 29 years* It may interest you to know that about 70 percent of the persons selected as key officials in the reorganized Revenue Service throughout the country have been Revenue career men* Together they average better than 20 years of service to the Bureau. A career man — John B* Dunlap — was my right arm in this entire reorganization. His capabilities first came to n§r attention back in 19U7 when he was called from the field to help us improve the business operations of the Bureau* I later called him to Washington to direct a chain of “racket squads" assigned to run down tax evaders in the field of professional crime — and he did an outstanding job* Because of his high capabilities and grass roots experience in the Revenue field, I prevailed upon him to take the post of Commissioner, and I cannot praise too highly the job that he has done. A few days ago it was my privilege to appoint him as the District Commissioner at Dallas, so that he might continue in his home city the brilliant Civil Service career which he started there almost 20 years ago* The character and effectiveness of Federal tax administration are dependent directly upon the caliber of men and women chosen for key administrative positions. We have done our best to place in these posts of high responsibility the most capable persons available* All of them had to meet rigid Civil Service standards. All of them are under the merit system, which now governs appointments and promotions throughout the reorganized Revenue Service below the office of Commissioner of Internal Revenue. In closing, I want to pay tribute to the loyal, tireless, competent Revenue Service officials and employees who kept the Bureau of Internal Revenue going through tough, gruelling years despite all the obstacles and roadblocks that were encountered. But for those loyal people, reorgan ization never could have been accomplished. For their constant, unwavering fidelity to duty in very trying times, I am glad to take this opportunity to pay those tens of thousands of Revenue workers my sincere respects* And so today marks the commemoration of the completion of the initial phase of the operation of the Presidents Reorganization Plan No. 1 of 1952. From today forward, we take up the arduous program of Phase 2, with determination and assurance that henceforth the American people will have an efficient, competent Revenue Service of which they can be truly proud. oOo S-3292 / J rslease wmim wms?&ms$ Toeadayj fmmäber 2» lfgjt* ftm s®creta*y of the T&eamgr $1,300,000,000, m mmoxumä last thereabouts, af 9^*day and to faature üarch 5, 19$3f whieh war® Federal Reserve Banks m D&mmber a w n l n g that the tendere for Wmmm billa te be dated Deeesber 1*, 1#2, affered cm lavember 2?, wart opeaad at the 1* The detail« of thie ieeus «re aa follcwet Total applied for • $1,83$,660,000 Total acoepted * 1,300,€@0,000 Average prie# * (incladea $161,932,000 estered o» a non-competiUv© baaie and aeoepted la faH et the avera®» prie« p n balev) 99*hB2/ Bivalent rate of diecooat appresa. 2*Ök9%per annua Ran$e of aeoepted ccaapetitive bidet 99.550 Iquivalest rate of diecount apprm. 1.T805 per annua * « * * « 2.1015 » * Hi# 99M 9 Um (62 p erceat of the aaou st bid far a t the leer p riee im aecepted) Federal Reserve T o tal T o tal § i Bietriet Beatosi W arn 20,100,000 1,21*7,677,000 1*8,326,000 39.051.000 16.893.000 X ark Philadelphia Cleveland Bidbrnad 25,21*1*,000 Atlanta {&leago St« Leale . 230,832t,000 23,1*35,000 10 371.000 1*6,723,000 1*0 ,067,000 n js a b m U u u City |\ftIlo» Sw» Fran ciw o TOTAL 11,835,680,000 U , 100,000 726,617,000 t ó ,326,000 39.051.000 16.803.000 25.114.000 22i*,$3li»000 21.255.000 10.371.000 1*6,723,000 fcO,.067,000 Ä ® | 1 ,300 ,<«0,000 TREASURY D EPARTM EN T Information Service WASHINGTON, D .C. v)i- vJ RELEASE MORNING NEWSPAPERS, Tuesday, December 2, 1952, S-3253 The Secretary of the Treasury announced last evening that the tenders for $1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated December 4, 1952, and to mature March 5* 1953.» which were offered on November 27, were opened at the Federal Reserve Banks on December 1. The details of this issue are as follows: Total applied for Total accepted Average price $1,835)680,000 1,300,050,000 (includes $181,992,000 entered on a non-competitive basis and accepted in full at the average price show below) 99.482/ Equivalent* rate of discount approx. 2,049$ per annum Range of accepted competitive bids: - 99.550 Equivalent rate 1,780$ - 99.469 Equivalent rate 2.101$ High Low of discount approx. per annum of discount approx. per annum (82 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for $ Boston New York Philadelphia 11 , 100,000 1 ,247 ,677,000 48.326.000 39 .051.000 Cleveland Richmond 16,893,000 25.244.000 Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 230,834,000 23.435.000 10 .371.000 TOTAL Total _____Accepted $ 11 , 100,000 726 .617.000 43 .326.000 39 .051.000 16 .803.000 25.144.000 224.534.000 21 .255.000 10,371,000 46.723.000 40.067.000 95.959.000 46.723.000 40.067.000 95.059.000 $1,835,680,000 $1 ,300,050,000 0O0 and its some 300 c o m p a n i o n a s s o c i a t i o n s t h r o u g h o u t the c o u n t r y are m a k i n g a vital c o n t r i b u t i o n to our by your c o o p e r a t i v e and c o n t i n u i n g e f f o r t s to improve the e f fi c i e n c y , i n crease the output, and l o w e r the c o s t s of 6 o vernine fit service. \ headlined. Yet t h e y r e p r e s e n t a c t i o n s of i ance to e v e r y citi z e n . innina of at the sound talk, si is the i n t e r w o v e n t h r e a d d e t e r m i n e s to a g r e a t e xtent success with which & Your f e d e r a l carry b u s i n e s s m a n a g e m e n t field d u r i ng » p o s t w a r years, I aite rn o o n . / t i m e nor your b 8 /i p enee permi that. I.have mi y r, to o u t l i n e ‘I k wi th s o m e uf have dealt. 1 kn ow you h a v e had to face SO • The r e s u l t s of our vari ou h a v e t r a v e l e d to v a r i o u s p a r t s of; the c o u n t r y in r e c e n t w e e k s to c o m p l e t e our new r e v e n u e i n st a l l a t i o n s , to have m a n y c i t i z e n s c o m e up to me and tell me how d e l i g h t e d t h e y are at the high c a l i b e r to of the o f f i c i a l s the r e v e n u e a of their O tr ict If I w e r e U give you a o all the T r e a s u r y ’s a c t i v i t i e s in the of the o f f i c e of ioner of Internal R e v e n u e , i a now civil s e rv i c e u e c o n d , it p r o v i d e s a o r g a n i z a t i o n w h i c h w i ll reorgan i za tio n to remove p ro vid e 8 structural for ■siL se rv ic e , the enjo y we aie .ne s sp e e d ie r, f f i ÜÌ at 1} and ne I p Revenue 8 0 S mora aoour at ma k e c e rta in se rv ic e w ill the conf r i advantages of S a n i t a t i o n a r 8 t h s s ©: rrn * * h ire t, ervîQ8f every fi th the yoat one i e xce p tio n l hr i p e r m i t t e d us to r e l e a s e ill«. y of our p e o p l e from r o u t i n e c o l l e c t i o n work 1 of our ront1 i revenue l a w s . Today, it costs lan one-half a o 1 o O o &o to c o l l e c t a tax si M o re o v e r , in additi u management improvements n w H § have p u r s u a n t to the y $¿4 No. 1 o1 o 2« a m a on pi a * X a t a x p a y e r s has been in cr e a s e d by the s iinpi i f icat ion of tax f o r m s «no instructions; r o u t i n e f u n c t i o n s have been c e n t r a l i z e d ; tax c o l l e c t i o n on a a g e n c i e s of G o v e r n m e n t and have e x p e d i t e d m a k i n g funds a v a i l a b l e for d i s b u r s e m e n t . at ill a n o t h e r example, and one w h ich has real m e a n i n g for every taxpayer, is the m a n y i m p r o v e m e n t s which h a v e b e e n m a d e in the b u s i n e s s o p e r a t i o n s of the Bureau of Internal R e v e n u e . A g ai n to m e n t i o n just a few, v o l u n t a r y c o m p l i a n c e by Director of the ¿ u d ^ e t , and myself, and which is now fa© ifig carried on at the direction of the Congress under the Budget and Account irig P ro c e d u re s Act I3oU. fhe new procedures which we have been able to institute under this net have eliminated a substantial amount of paper or* in the 21 A f t e r a s e r i e s of s u c c e s s f u l p i lot test studies, these procedures, commonly referred to as ’’dual s c r e e n i n g , ’’ we re permanently installed whereve f e a s i b l e at b o r d e r ports. A n o t h e r e x a m p l e is the progress 5 we have made under the joint pi~ogram to improve a c c o u n t i n g in the F e d e r a l G o v e r n m e n t w h i c h was s tarte about five year s ago by the C o m p t r o l l e r General, the of the Bureau of Customs and the Bureau of Immigration, as a result of recommendat ions made by a private management engineering study. The principal objective of this particular recommendation was to have one officer of either service perform the duties for both services in the preliminary screening of passengers and vehicles at border ports and stations. savings have been utilized in meeting increased workloads, reducing appropriation requests strengthening the enforcement work of some of the bureaus, and covering the cost of installing mechanized and other illustration of the in departmental operations is the coordination of the ins act iv it i mm O fiGG P? mmS- - 18 - the Treasury management improvement programs since June 1946, there have been monetary savings of many millions of suo ars. alone have resulted in estimated savings of over $2 million. Other savings, the value of which cannot readily be measured in terms of 9 1! a ve These programs have been based on management efficiency studies ithin the Department, urveys by private mana engineer ina fi 'à a rt ici pati on of all through a má s for efficiency, of cash or acc ishrieni, and suggest ions the direct result of #i one however, m nnr tant difference, and equipment tí once more were ng avalla and it was possible to start a thorough overhauling of r *4* £1 business operations tenure of office, we have carri on aggressive management improvement irograms to strengthen and modernize the operations of every bureau and ice in the Treasury. the close s t ill . in Backlo upon w the war, ip an tic Ml n $ alm ost ice, any, a of an <** dim inution U in esaury Gover r e c o n v e r s I on out l i t 4* f service as business CU f! Si£c we have taken in the Treasury to improve and modernize its business operations. war it S QO I not been possible to nize operations on the mediani cal sonnel recrui o o • 1 ikewi se severely restricted. The tremendous increase in ons cons handled by the restricted to the splendid example you have set. No matter in which direction you may be looking in Pittsburgh these days, you will find many evidences of its spectacular new beauty and the new era of importance it has assumed in the productive power of our Nation. Somewhat more prosaic, but nonetheless important, is the record of progressive measures .Jgt I ÖJL4ÔW you for a few m i n u t e s about programs, I r e a l i z e I air 10 m e x a m p l e s of m a n y w a y s in our e x p a n d i n g e c o n o m y has m u l t i p l i e d the w o r k l o a d s of the G o v e r n m e n t f i r m s w i th pr ivate You ich you are also k n o w from o per ience that m u l t i p l i e d ing in ir a m u l t i p l i c i t y of new p r o b l e m s in like to talk w i t h issues a r o u n d 200 m i l l i o n c h e c k s e v ery year, items, the f currency are of magnitude — nickels, and 2 billion pieces f r o m your e x pe r i e n c e , spectacular A■«OZi e f i n a n e ial arm of G o v e r n m e n t , the Treasury, for e x a m p l e , n o w p r o c e s s e s ar ri! ills on tax r e t u r n s k a n n u a l l y a n d in the last fiscal year c o l l e c t e d tax revenues in r scoro si of m o r e t h a n a o i 1 1 i on. m i1 1 ions bonds. , it is a ce sa It issues and r e d e e m s tens of b i l l i o n s of d o l l a r ketauie securities. It inds was far le se than it is toda I ara s u r t that it ene r e c o n v e r s i o n , and now d e f e n s e needs has h a d t r e m e n d o u s r e p e r c u s s i o n s | on ail p h a s e s of b u s i n e s s o p e r a t i o n in this country. The v e r y m a g n i t u d e of m a n y of the e s s e n t i a l b u s i n e s s a c t i v i t i e s we are c a l l e d u p o n to p e r f o r m t o d a y has o u t m o d e d m a n a g e m e n t t e c h n i q u e s and b u s i n e s s p r o c e d u r e s once c o n s i d e r e d a d e q u a t e to h a n d l e these a c t i v i t i e s w h e n the v o l u m e a f f a i r s has b e e n an important responsibility of thos e of us in s e rvice, at no time in our h i s t o r y has this r e s p o n s i b i l i t y b e e n g r e a t e r or the m a n a g e m e n t have b e e n c o n f r o n t e d b e e n more The u n p r e c e d e n t e d e x p a n s i o n of our e c o n o m y in the d e c a d e to meet f i rst i? then 4 a had u n u s u a l r in t h i s regard. Government b u s i n e s s is the peof b u si ness. The t a x e s they pay f i n a n c e its n e c e s s a r y and v a r i e d f unctions. The m a n y s e r v i c e s w h i c h the G o v e r n m e n t r e n d e r s in r e t u r n a f f e c t d i r e c t l y or i n d i r e c t l y the d a i l y l i v e s of e v e r y American. W h i l e the e f f i c i e n t a d m i n i s t r a t i o n of you K/iow, is an i mportant f a c t o r in all G o v e r n m e n t operations. It is the i n t e r w o v e n t h r e a d w h i c h d e t e r m i n e s to a l a r g e e x t e n t the s t r e n g t h of the e n t i r e G o v e r n m e n t fabric. For in G o ve r n m e n t , as in p r i v a t e en te r p r i se , you can c a r r y out your m a j o r a s s i g n m e n t s s u c c e s s f u l l y o n l y if you have an e f f i c i e n t b u s i n e s s or ga n i z a ti o n . G o v e r n m e n t o f f i c i a l s have justly proud Your p r i m a r y objectives — grtit§r economy and efficiency in 6ov©rnment administration, and better service to the Afsw.f Ican people **** are objectives which have been close to my heart throughout my term of office as Secretary of the Ireasury. y f business administration, as It is a resi p l e a s u r e "to meet s of the F e deral iih the ■v? oc iat ion of Pittsburgh. This w o u l d , a te c o l l a r M ?» er®O that c o l l a r s are m o r e in e v i d e n c e in P i t t s 5, now that the " s m o g ’* o b a n i s h e d f r o m your c i t y w h a t e v e r the color the collars, you r e p r e s e n t an o r g a n i z a t i o n of w h ic h G o v e r n m e n t can ADDRESS BÏ SECRETAR! SNIDER AT LUNCHEON MEETING OF THE FEDERAL BUSINESS ASSOCIATION OF PITTSBURGH "MANAGEMENT IN GOVERNMENT** SHERATON HOTEL PITTSBURGH, PENNSYLVANIA DECEMBER 2, V9$l 12100 NOON T he f o l l o w i n g a d d r e s s th e F e d e r a l B u sin e ss a lu n c h e o n m e e t i n g i n is s ch e d u le d _ for D ecem b er 2 , ^pMfcn—n iiiia itw m nie iii n . . < 1952, A s s o c ia tio n of P itts b u rg h th e S h e ra to n h o t e l , d e liv e ry and by S e c r e ta r y S n yd er b e fo re is at 1 p .m . fo r r e le a s e MANAGEMENT IN GOVERNMENT \ P itts b u rg h , EST T u e s d a y , I If Til l 1'****™’'''*** at 558 TREASURÏ DEPARTMENT Washington The following address by Secretary Snyder before the Federal Business Association of Pittsburgh at a luncheon meeting in the Sheraton Hotel, Pittsburgh, is scheduled forjielivery at 1 p.m. EST, Tuesday, December 2, 195^» and is foi? release at that time. MANAGEMENT IN GOVERNMENT It is a real pleasure to meet with the members of the Federal Business Association of Pittsburgh. This would, I presume, be termed a "white collar” group, and I understand that white collars are more in evidence in Pittsburgh now that the "smog” has been banished from your city. But whatever the color of the collars, you represent an organiza* tion of which the Government can be justly proud. Your primary objectives — greater economy and efficiency in Govern* ment administration, and better service to the American people are objectives which have been close to my heart throughout my term of office as Secretary of the Treasury. Business administration, as you know, is an important factor in all Government operations. It is the interwoven thread which determines to a large extent the strength of the entire Government fabric. For in Government, as in private enterprise, you can carry out your major assignments successfully only if you have an efficient business organization. Government officials have always had unusual responsibilities in this regard. Government business is the people’s business. The taxes they pay finance its necessary and varied functions* The many services which the Government renders in return affect directly or indirectly the daily lives of every American. While the efficient administration of governmental affairs has always been an important responsibility of those of us in Federal service, at no time in our history has this responsibility been greater or the management problems with which we have been confronted been more complex. The unprecedented expansion of our economy in the past decade to meet first war, then reconversion, and new defense needs has had tremendous repercussions on all phases of business operation in this country. The very magnitude of many of the essential business activities we are called S-32$it - 2 559 - upon to perform today has outmoded management techniques and business procedures once considered adequate to handle these activities when the volume was far less than it is today, I am sure that it would have staggered the imagination of many of my predecessors in office, as it would many of yours, if they had tried to conceive of the volume of business transactions that would one day flow through Government offices. As the financial arm of the Government, the Treasury, for example, now processes around 90 million tax returns of all kinds annually and in the last fiscal year collected tax revenues in the record sum of more than $69 billion.* Each year, it issues millions of separate savings bonds. It issues and redeems tens of billions of dollars of marketable securities. It issues around 200 million checks every year. As for currency items, the figures are of stupendous magnitude •• 1—1/2 billion pennies, nickels, and dimes, and nearly 2 billion pieces of paper currency are issued annually to replace money which has become worn out or mutilated, I have no doubt that each of you here today could cite from your experience, spectacular examples of many ways in which our expanding economy has multiplied the workloads of the Government agencies or private business firms with which you are associated. You also know from personal experience that multiplied workloads bring in their wake a multiplicity of new problems in business management. I should like to talk with you for a few minutes about some of the steps we have taken in the Treasury, not only to keep up with our increased responsibilities, but to cut the costs of our business operations, while at the same time rendering better service to the public. When I speak in Pittsburgh about management improvement programs, I realize X am talking to some experts in the field. The progressive measures which your business and civic groups have taken in recent years to modernize, beautify, and revitalize Pittsburgh have;not only brought your city new renown, but the success of your cooperative efforts has inspired many other industrial communities throughout America to follow the splendid example you have set. No matter in which direction you may be looking in Pittsburgh these days, you will find many evidences of its spectacular new beauty and the new era of importance it has assumed in the productive power of our Nation. Somewhat more prosaic, but nonetheless important, is the record of progressive measures we have taken in', the Treasury to improve and modernize its business operations. - 3 - While the war was going on, it had not been possible to modernize operations on the basis of new mechanical procedures. Personnel recruitment likewise was severely restricted. The tremendous increase in Treasury operations consequently had to be handled by the restricted facilities of a Department geared to a prewar volume of operations. At the close of the war, there was still a gigantic job ahead. Backlogs of work had piled up in almost every bureau and office, and there was little, if any, diminution in service demands upon the Treasury as business and Government set out to meet reconversion problems. There was one important difference, however. Manpower and equipment once more were becoming available and it was possible to start a thorough over hauling of the Department's business operations. During my tenure of office, we have carried on aggressive management improvement programs to strengthen and modernize the operations of every bureau and office in the Treasury. These programs have been based on management efficiency studies within the Department, management surveys by private management engineering firms, and participation of all employees through a system of cash awards for efficiency, superior accomplishment, and management improvement suggestions. As the direct result of the Treasury management improvement programs since June 19U6, there have been monetary savings of many millions of dollars. Employee suggestions alone have resulted in estimated dollar savings of over $2 million. Other savings, the value of which cannot readily be measured in terms of dollars, have also been effected. These savings have been utilized in meeting increased workloads, reducing appropriation requests, strengthening the enforcement work of some of the bureaus, and covering the cost of installing mechanized and other improved procedures. One illustration of the improvements in departmental operations is the coordination of the inspection activities of the Bureau of Customs and the Bureau of Immigration, as a result of recommendations made by a private management engineering study. The principal objective of this particular recommendation was to have one officer of either service perform the duties for both services in the preliminary screening of passengers and vehicles at border ports and stations.# After a series of successful pilot test studies, these procedures, commonly referred to as "dual screening," were permanently installed wherever feasible at border ports. Another example is the progress we have made under the joint program to improve accounting in the Federal Government which was started about five years ago by the Comptroller General, the Director of the Budget, and myself, and which is now being carried on at the direction of the Congress under the Budget and Accounting Procedures Act of 1950. The new procedures which we have been able to institute under this Act have eliminated a substantial amount of paper work in the several departments and agencies of Government and have expedited making funds available for disbursement. Still another example, and one which has real meaning for every taxpayer, is the many improvements which have been made in the business operations of the Bureau of Internal Revenue. Again to mention just a few, voluntary compliance by taxpayers has been increased by the simplification of tax forms and instructions; routine functions have been centralized; tax collection procedures have been simplified; tabu lating and other m o d e m office equipment have been installed on a large scale. These improvements have not only resulted in savings of millions of dollars, they have also permitted us to release many of our people from routine collection work to frontline enforcement of our revenue laws. Today, it costs less than one-half a cent to collect a tax dollar. Moreover, in addition to management improvements in the Bureau, we have just completed, pursuant to the Presidents Reorganization Plan No. 1 of 1952, a major reorganization of the Bureau to remove structural weaknesses, provide for speedier, more efficient and more accurate service, and help make certain that the Revenue Service will enjoy the public’s full confidence. Principal advantages of the reorganization are these: First, every post in the* service, with the one exception of the office of Commissioner of Internal Revenue, is now filled by Civil Service appointees. Second, it provides a strong and responsible field organization which will eliminate complexities for the taxpayer and improve methods of supervision. Third, it establishes a strong, independent Inspection Service to assure thorough, continuing checks on the conduct of Bureau employees and the performance of the Bureau’s field offices* In those districts where the plan has been in operation for a number of months, we have been receiving many commendations from tax practitioners and the general public or* the way it has been working out. I have also been pleased, as I have traveled to various parts of the country in recent weeks to complete our new revenue installations, to have many citizens come up to me and tell me how delighted they are at the high caliber of the officials chosen to direct the revenue affairs of their district. If I were to give you a complete synopsis of all the Treasury's activities in the business management field during the postwar years, I would be here all afternoon. Neither my time nor your patience permits that. I have tried, however, to outline some of the problems with which we have dealt. I know that you have had to face comparable problems. • 5 m The r e s u l t s o f o u r v a r io u s en d eav o rs in th e b u s in e s s a d m in is t r a tio n f i e ld are seldom h e a d lin e d * Y et th ey r e p r e s e n t a c t io n s o f im p o rtan ce to every c i t i z e n * As I m entioned a t th e b e g in n in g o f my t a l k , sound b u sin ess a d m in is t r a tio n i s the in terw oven th re a d which d eterm in e s to a g r e a t extent the s u c c e s s w ith which we c a r r y o u t a l l the m ajor fu n c tio n s o f Government. Your F e d e r a l B u sin e ss A s s o c ia t io n h ere in P itts b u r g h and i t s some 300 companion a s s o c i a t i o n s th rou gh ou t th e co u n try a re making a v i t a l co n trib u tio n to o u r dem ocracy by your c o o p e r a tiv e and c o n tin u in g e f f o r t s to improve th e e f f i c i e n c y , in c r e a s e th e o u tp u t, and low er th e c o s t s o f Government s e r v i c e * 0 O0 - 3 - subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation nowtor hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections •[£ and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115> of the Revenue Act of 19^1, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. I4I 8 , as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch, - dealers in investment securities. 2 - Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final, Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on December 11, 1952 , in cash or other immediately available -------- W t-------funds or in a like face amount of Treasury bills maturing December 11, 1952 » 0? ; Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be a s m •/ ns * TREASURY DEPARTMENT Washington 5 ^ FOR RELEASE, MORNING NEWSPAPERS, Thursday, December 1952 . The Secretary of the Treasury, by this public notice, invites tenders for 11,20°,0°0,OOP , or thereabouts, of 91 -day Treasury bills, for tty cash and in exchange for Treasury bills maturing December 11, 1952 . in the amount of $1,200,93^,000 » to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated December 11, 1952 The bills and will mature March 12, 1953______ , when the face amount will be payable without intty ’ terest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, December 8, 1952* Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925« Fractions' may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches \ on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TREASURY D EPA RTM EN T Information Se rv ice WASHINGTON, D .C. bbi release m o r n i n g newspapers Thursday, De c e m b e r 4, 1952 , S-3255 The* Secretary of the Treasury, b y this p u b l i c notice, i n v ites tenders for $1,200,000,000, or thereabouts, of 9 1 - d a y T r e a s u r y bills, for cash and in e x c h a n g e for T r e a s u r y b i lls m a t u r i n g D e c e m b e r 11, 1952. in the amount of $1,200 , 9 3 ^ , 0 0 0 , to be issued on a d i s c o u n t basis under c o m p e t i t i v e and n o n - c o m p e t i t i v e b i d d i n g as h e r e i n a f t e r provided. The b i l l s of thi s series will be d a t e d D e c e m b e r 11, 3952, and will mature M a r c h 12, 1953* w h e n the face a m o u n t will be p a y a b l e without interest T h e y will be i s sued in b e a r e r f o r m only,' and in denominations of $1 ,000, $5,000, $10,000, $100,000, $ 5 0 0 , 0 0 0 and $1,000,000 (maturity value). Tenders will be r e c e i v e d at Federal R e s erve B a n k s and B r a n c h e s up to the closing hour, two o ’c l o c k p . m E a s t e r n S t a n d a r d time, Monday December 8, 1952, Tenders will not be received at the Treasury Department, Washington, Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the p r ice offered must be expressed on- the basis of 100, with not more than three decimals, e g , 99.925* Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the. special envelopes which will be supplied by Federal Reserve Banks or Branches on- application therefor. Others than b a n k i n g i n s t i t u t i o n s will not be p e r m i t t e d to submit tenders except for t h e i r own account. Te n d e r s w i l l be received without d e p o s i t f r o m i n c o r p o r a t e d b a n k s and trust c o m p anies and from r esponsible and r e c o g n i z e d d e a l e r s in i n v e s t m e n t securities. Tenders from others mus t be a c c o m p a n i e d by p a y m e n t of 2 p e r c e n t of the face amount of T r e a s u r y b i l l s a p p l i e d for, u n l e s s the t e n ders are accompanied by an ex p r e s s g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or trust c o m p a n y . Immediately a f t e r the. c l o s i n g hour, tenders w i l l be o p ened at the Federal Reserve B a n k s and Branches, f o l l o w i n g w h i c h p u b l i c announcement will be m a d e by the S e c r e t a r y of the T r e a s u r y of the amount and price range of a c c e p t e d bids • Those s u b m i t t i n g tenders will be advised of the a c c e p t a n c e or r e j e c t i o n thereof. The S e c r e t a r y of the Treasury e x p r e s s l y r e s e r v e s the right to a c c e p t or reject any or all tenders, in w h o l e or in part, and his a c t i o n in a ny such respect shall be final. Subject to these r e s e r vations, n o n - c o m p e t i tive tenders for $ 2 0 0 , 0 0 0 or less w i t h o u t stated p r i c e f r o m an y one hidden will be a c c e p t e d in full at the av e r a g e p r i c e (in three decimals) of a c c e p t e d c o m p e t i t i v e bids. S e t t l e m e n t f or a c c e p t e d 2 tenders in accordance with the bids must be made on completed 3,t the Federal Reserve Bank on December X I > 1952> in cash or other immedi ately available funds or in a like face amount of Treasury bills maturing December 11» 1952* Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for difierences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or pain from the sale or other disposition of the bills,.shall not have any exemption as such, and loss irom the sale or other disposition of Treasury bills shall not have any special•treatment, as such, under 'he Internal Revenue Code, or laws■amendatory or supplementary thereto The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by, any local taxing authority». For purposes_of taxation the amount of. discount at which Treasury bills are origi nally sold by the United States shall be considered to be interest, Under Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or other wise disposed of, and such bills are excluded from consideration as capital assets« Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his in come tax return only the difference between the price paid for such bills whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss# Treasury Department Circular No. 4l8, as amended, and this notice, prescribe the terms of the Treasury bills and.govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch, oOo Of the 21 D i r e c t o r s n a m e d f r o m C i v i l Se r v i c e registers, 7 w e r e C o l l e c t o r s of Internal Revenue who d id not have C i v i l S e r v i c e s i a t u s ^ one w as an A c t i n g C o l l e c t o r ^ 5 w e r e R e v e n u e S e r vice employees; candidates from without 8 wer e the R e v e n u e Service. "The R e v e n u e S e r v i c e h as n o w b e e n g i v e n an e x c e l l e n t f r a m e w o r k , " s aid S e c r e t a r y Snyder. this p o i n t on, " F rom the p u b l i c can look f o r w a r d to y e ars of steady improvement in this v i t a l a r m of the G o v e r n m e n t as n e w and b e t t e r w a y s of d o i n g b u s i n e s s are d e v e l o p e d in r e s p o n s e to the d e m a n d s of a g r o w i n g n a t i o n a l economy." The h e a d q u a r t e r s are lo c a te d in C h ica g o , B o sto n , A tla n ta , S t. o f th e L o u is v ille , B i r m in g h a m , ftj M flwiiy C le v e la n d 1 7 new D i s t r i c t New Y o r k , B a l t i m o r e , is ä m & m e k x L o u is , D a lla s , Los A n g e l e s , o ffic e s an d D e t r o i t * S t. Commissioners B u ffa lo , P a u l, S e a ttle , P h ila d e lp h ia , D en v er, A s e l e c t i o n b o a r d of t op T r e a s u r y c a r e e r o f f i c i a l s w a s c r e a t e d to r e v i e w the q u a l i f i c a t i o n s of i n d i v i d u a l s b o t h w i t h i n and w i t h o u t the R e v e n u e S e r v i c e w h o w e r e e l i g i b l e for c o n s i d e r a t i o n for a p p o i n t m e n t . In those instances where posi t i o n s were filled without Civil Service examinations, the s e l e c t i o n b o a r d m a d e rec recom- A mendations to the C o m m i s s i o n e r of I n t e r n a l R e v e n u e and the S e c r e t a r y of the T r e a s u r y on the c a n d i d a t e s for . „ / K 'ifavm /ntz* j ~K~ftCu these p o s i t i o n s . I n ' i n s t a n c e s w h e r e C i v i l Se r v i c e e x a m i n a t i o n s w e r e held, the s e l e c t i o n b o a r d r e v i e w e d / Is ** /7 the q u a l i f i c a t i o n s of the p e o p l e h i g h e s t on the C i v i l S e r v i c e r egisters. In the f i n a l a p p o i n t i v e action, all 17 n e w D i s t r i c t C o m m i s s i o n e r s of I n t e r n a l R e v e n u e w e r e c h o s e n f r o m a m o n g c a r e e r e m p l o y e e s of the B u r e a u of I n t e r n a l Revenue. They were men whose long y e a r s of o u t s t a n d i n g s e r v i c e in the B u r e a u f i t t e d t h e m e x c e p t i o n a l l y w e l l f or the n e w and w i d e r duties. Many of t h e m c o u l d b o a s t of a q u a r t e r of a c e n t u r y or m o r e of e x p e r i e n c e 3. r o u n d in R e v e n u e S e r v i c e r e s p o n s i b i l i t i e s of a h i g h order. T h e 64 D i r e c t o r s of follows: I n t e r n a l R e v e n u e w e r e c h o s e n as 41 w e r e c a r e e r e m p l o y e e s in the B u r e a u of t h e m C o l l e c t o r s or A c t i n g Coll e c t o r s ; f r o m C i v i l S e r v i c e r e g i sters; other Government agencies — 10 21 w e r e n a m e d 2 were transferred from (one f r o m the G e n e r a l A c c o u n t i n g O f f i c e a nd one f r o m the S a v i n g s B o n d s D i v i s i o n of the .) (p W ith re fe re n ce d is tric ts p la n w e re p ro v id e d out th a t n eed s. th e c re a te d t o w hy o n l y 1 7 new a lth o u g h c e n te rs in m ay a l t e r fu tu re th e oeen to of d is tr ic ts o b je c tiv e see th a t o f th e o n ly C iv il S e rv ice in th e lo c a tio n If e x p a n sio n of g reat on t h e im p o rta n t ch an g es R evenue S e r v i c e a c c o rd in g ly , so as and c o n v e n ie n c e t o m o d ify to m a in ta in to ta x p a y e rs* T r e a s u r y an d th e R evenue B u re a u th e m o s t c a p a b l e men a v a i l a b l e w e r e n am ed t o th e d ire c to r o f in te r n a l rev en u e, p o s itio n s . re o rg a n iz a tio n fu tu re re q u ire m e n ts y ears. o f m axim um e f f i c i e n c y p rim e th e a n tic ip a te s i t w i l l be p o s s i b l e f o r t h e a s e rv ic e ^has y ear, p re se n t lim ita tio n arra n g e m e n t A th is as f o r a m axim um o f 2 5 , S e c r e t a r y S n y d e r p o i n t e d R evenue S e r v i c e th e in q u irie s P o p u l a tio n g ro w th an d s h i f t s in d u s tria l o ccu r, to p o sts and of d is tr ic t c o m m is s io n e r, o th e r s u p e rv iso ry an d s ta ff * * J i r T h ere is a s tro n g e r o rg a n iz a tio n , w ith an d m o re r e s p o n s i v e im p r o v e d s u p e r v i s i o n An i n d e p e n d e n t i n s p e c t i o n th ro u g h o u t c h e c k on th e R evenue th e c o n d u ct p erfo rm an ce o f As e v i d e n c e S e c re ta ry B u re a u , of a ll fie ld o f p u b lic S n y d e r p o in te d and B u r e a u o f f i c i a l s at G o v e r n o r s , m em b ers and c i v i c in te re s t p ro g ra m s. o th e r in th e of p ress, T h ere v o ic e d C o n g re ss, th e e n th u s ia s tic to th e ju d g e s , s c h o o l an d , T re a s u rjr to - fo r th e ir te le v is io n a u th o ritie s , w ith a c tiv e th e in s ta lla tio n c ity g o v e rn m e n ts , and en d o rsem en t o f r e o r g a n i z a t i o n . o f th e h e ld o th e r c o lle g e p a rtic ip a te d c e r e m o n y in in h i g h w ere g e n e ro u s ra d io , and w ere h e l d . C o m m e rc e , p ro g ra m s w e re a u d ito riu m s . b y th e of th e had been g iv e n H o u se w a s t h e s c e n e m an y o f t h e e m p lo y e e s c o n tin u o u s a p p ro v a l o f r e o r g a n iz a tio n , a rra n g e m e n ts o rg a n iz a tio n s The S t a t e B u re a u and g ro u p s C ham bers o p e ra tin g e v e r y p o i n t w h e re c e re m o n ie s o ffic ia ls , le a d e rs le v e ls . m a k in g a t h o r o u g h , to d a y t o th e new o f f i c i a l s l o c a l and S t a t e is a ll o ffic e s . c o o p e r a t i o n w h ic h h e s a i d in s ta ll s e rv ic e at fie ld sch ool or re p o rts of th e B o sto n ; c o lle g e c e re m o n ie s and n e w s re e l f a c i l i t i e s . F o r th e is ta x of th e fact ta x p a y e r, an im p o rta n t f e a t u r e th a t h e re a fte r b u sin e ss h e m ay c o n d u c t a l l w ith a s in g le in te rn a l rev en u e, o f th e d i r e c t c r . be or o ffic e th e to so d isp e re d R evenue B u re a u t h a t — o ffic e H e re to fo re , h as had of r e o rg a n iz e tic n in th a t F ed eral of h is d ire c to r of a l o c a l re p re s e n ta tiv e a d m in is tra tiv e th e h is fie ld a /ta x p a y e r w ith re s p o n s ib ility s e rv ic e a v a rie ty of of th e ta x tro u b le s V m ig h t h ave to a d ju s tm e n t* ta k e "O ne th e m t o s to p se v e ra l d iffe re n t s e rv ic e " is th e goal o ffic e s fo r o f th e r e o r g a n iz e d R evenue S e r v i c e # l i t k x 8 « a p i M i i i B i z E i i m i B a ± i d x £ i B X ¿ h e x t M p a y e * pc B u t e lim in a tio n on e o f m any b e n e f i t s and B u re a u c o m p le x itie s fo r th e R evenue S e r v i c e one o f f i c e new d i s t r i c t to o ffic ia ls is now a th e ta x p a y e r is w h ic h T r e a s u r y have p o in te d . ca re e r o f C o m m i s s io n e r o f R evenue a t W a s h in g to n . E v er y fla l l e e t o r fo r o f re o rg a n iz a tio n of I n t e r n a l R evenue The e n t i r e excep t of s e rv ic e , In te rn a l p c l i l l c a l l ^ ^ g p p u i n t e d -. e v e n u e 1 i s 1‘’»now» e u t ,il7o f c o m m is s io n e rs C iv i l S e rv ice ® and d i r e c t o r s are a ll under only- 3 "fo llo w le v e ls is th ro u g h ” p h a s e , e m b o d y in g d e t a i l e d of re s p o n s ib ility w o rk in g w ith th e t o m ake c e r t a i n b e st p o s s ib le a n d t h e G o v e r n m e n t* I t in clu d e s re o rg a n iz e d R evenue S e r v i c e a d ju s tm e n ts as are m e a su re s th a t a d v a n ta g e c o n tin u o u s a ll re o rg a n iz a tio n to th e ta x p a y e r s tu d y o f a l l o p e r a t i o n s , w ith fo u n d n e c e s s a r y . at t h e m a k in g of su ch 2 R e o rg a n iz a tio n s p e a k in g , o f th e D e p a rtm e n t — P re s id e n ts B u reau w as a p p ro v a l o f S e c re ta ry of a p ro g ra m C h ica g o at new d i s t r i c t cre a te d th e — th e P la n N o. 1 of 1952. P re s id e n t p o s itio n s in o rd ered p la n , fu ll o p e ra tio n S e c re ta ry S ta te of re m a in in g each , P h ase 2 is d e s c rib e d is o f th e p la n w a s on S e c r e t a r y S n y d er’ s th e empl sp eed ahead in me c re a tio n Illin o is . to of th e The s e c o n d se rv e th e and th e th a t ru le s new d i s t r i c t C ity 1 5 new d i s t r i c t s o f New Y o r k . w ere f i x e d , to f i l l in s ta lla tio n Snyder d e s c rib e d in firs t th e c e re m o n ie s M onday, D ecem b er 1 , s a w tl c o m p le te d . c h a n g e s and a s sig n m e n t re o rg a n iz a tio n T re a su ry and p e r s o n a l l y p a r t i c i p a t e d on May 2 0 f o r c o n d u c te d w ith s u c h s p e e d e n tire th e in M arch . p e rso n n e l ch osen u n d er C iv i l S e r v ic e to p te c h n ic a lly T h is and w a s g i v e n a s h o r t tim e l a t e r , o f th e of a u th o rity Jan u a ry , Snyder im p le m e n tin g or u n d er th e C o n g re ss by th e C o n g re ss — o f I n t e r n a l R evenue e ffe c te d re co m m e n d a tio n l a s t B o u n d a rie s R evenue S e r v i c e R e o rg a n iz a tio n s u b m itte d t o w as of th e t th e e ffe c tin g o f p erso n n el as P h ase of 1 of o rg a n iz a tio n a l th e u n d e rta k in g . now u n d e r w a y t h r o u g h o u t by B u re a u of In te rn a l th e R evenue n a tio n . o ffic ia ls T h is as th e The p l a n « rim w as th e o f R evenue B u re a u p re p a ra to ry s te p s , im p ro v e m e n ts* D u rin g s u g g e stio n s S e rv ice fra n c a p s to n e of s ix o p e ra tio n s , y ears an d o f a lo n g s e r i e s i n c l u d i n g m an y a c t u a l th e s i x y ears m any s o u r c e s e q u ip m e n t a n d m e t h o d s . fo r of in te n s iv e th e o p e ra tin g T re a su ry re c e iv e d b e tte rm e n t o f R evenue s tu d y of A new , th o r o u g h ly m o d e rn iz e d an d s tr e a m lin e d F e d e r a l I n t e r n a l R evenue S e r v i c e U n ite d S t a t e s * o rg a n iz a tio n is now f u n c t i o n i n g t h r o u g h o u t t h e T ra n s fo rm a tio n o f th e S e r v ic e in to an b e t t e r d e s ig n e d and e q u ip p e d t o m e e t i t s p re s e n t-d a y r e s p o n s ib ilit ie s w as c o m p le te d w i th a a t D e tro it s u c h p ro g ra m s — in s ta lla tio n th e la s t of 17 o f n e w ly s la a e è I n t e r n a l R evenue E ach i n s t a lla ti o n c e r e m o n y m a rk e d t h e o f a new I n t e r n a l R e v e n u e d i s t r i c t , w i t h o f i n t e r n a l r avenue o ffic ia l f o r th e and h a n d lin g p u b lic , are in in area. ch arg e one t o fiv e re p la c e and i n a ll th e d ire c to rs th e fo rm er ev ery in s ta n c e th e s a m e c i t i e s as as th e S e rv in g un der p ra c tic a lly The d i r e c t o r s rev en u e, — d id th e th e fie ld s e ttin g o ffic ia ls . up c o m m is s io n e r s u p e rv iso ry each d i s t r i c t com m is s i o n e r , ta x a f f a ir s in te rn a l c o lle c to rs have ce re m o n y a d is tric t c h ie f F ed eral of fo r heavy o f th e rev en u e* o f in te rn a l t h e i r h e a d q u a rte rs c o lle c to rs * TREASU RY DEPARTM ENT Information Service RELEASE SUNDAY NEWSPAPERS December 1952________ 1, u WASHINGTON, D .C. S-3256 A new, thoroughly modernized and streamlined Federal Internal Revenue Service is now functioning throughout the United States. Transformation of the Service into an organization better designed and equipped to meet its heavy present-day responsibilities was completed with a ceremony at Detroit — the last of 17 such programs — for the installation of newlyappointed Internal Revenue field officials. Each installation ceremony marked the setting up of a new Internal Revenue District, with a District Commissioner of Internal Revenue in charge as the chief supervisory official for the area. Serving under each District Commissioner, and handling practically all the Federal tax affairs of the public, are one to five Directors of Internal Revenue. The Directors re place the former Collectors of Internal Revenue, and in every instance have their headquarters in the same cities as did the Collectors. Reorganization of the Revenue Service — or technically speaking, of the Bureau of Internal Revenue of the Treasury Department — was effected under the authority of the Presidents Reorganization Plan No. 1 of 1952, This plan was submitted to Congress by the President on Secretary Snyder* s recommendation last January, and was given the emphatic approval of Congress in March The plan was the capstone of six years of intensive study of Revenue Bureau operations, and of a long series of preparatory steps, including many actual operating improvements. During the six years the Treasury re ceived suggestions from many sources for betterment of Revenue Service equipment and methods. Secretary Snyder ordered full speed ahead in the implementing of the plan, and personally participated in a program at Chicago on May 20 for creation of the first new district — the State of Illinois. The second new district was created a short time later, to serve the City of New York. Boundaries of the remaining 15 new districts were fixed, personnel chosen under Civil Service rules to fill the top positions in each, and the in stallation ceremonies conducted with such speed that Monday, December 1, saw the entire operation completed. Secretary Snyder attended all but three of the installation ceremonies, and Under Secretary Foley attended all of them. » 2 - 577 Secretary Snyder described the effecting of organizational changes and assignment of personnel as Phase 1 of the reorganization undertaking* Phase 2 is now under way throughout the nation. This is described by Bureau of Internal Revenue officials as the “follow through“ phase, embodying detailed measures at all levels of responsibility to make certain that reorganization is working with the best possible advantage to the taxpayer and the Government. It includes ©ontinuous study of all re organized Revenue Service operations, with the making of such adjustments as are found necessary. For the taxpayer, an important feature of reorganization is the fact that hereafter he may conduct all his Federal tax business with a single office — that of his Director of Internal Revenue, or the office of a local representative of the Director. Heretofore, administrative responsibility has had to be so dispersed in the field service of the Revenue Bureau that a taxpayer with a variety of tax troubles might have to take them to several different offices for adjustment* “One stop service“ is the goal of the reorganized Revenue Service. But elimination of complexities for the taxpayer is only one of many benefits of reorganization to which Treasury and Bureau of Internal Revenue officials have pointed. The entire Revenue Service is now a career service, except for the one office of Commissioner of Internal Revenue at Washington. The new District Commissioners and Directors are all under Civil Service. There is a stronger and more responsive field organization, with improved supervision at all levels. An independent inspection service is operating throughout the Revenue Bureau,, making a thorough, continuous check on the conduct of all Bureau employees and the performance of field offices. As evidence of public approval of reorganization, Secretary Snyder pointed today to the enthusiastic cooperation which he said had been given to the Treasury and Bureau officials at every point where ceremonies to in stall the new officials were held. Governors, members of Congress, judges, other local and State officials, school and college authorities, and civic leaders and groups participated with active interest in the arrangements for the installation programs. Chambers of Commerce, city governments, and other organizations voiced their endorsement of reorganization. The State House was the scene of the ceremony in Boston; many of the programs were held in high school or college audi toriums. There were generous reports of the ceremonies by the press, radio, television and newsreel facilities. - 3 With reference to inquiries as to why only 17 new districts were created this year* although the reorganization plan provided for a maximum of 25, Secretary Snyder pointed out that the present limitation anticipates future expansion needs. Population growth and shifts in the location of great industrial centers may alter the requirements on the Revenue Service in future years. If important changes occur, it will be possible for the Revenue Service to modify the arrangement of districts accordingly, so as to maintain a service of maximum efficiency and con venience to taxpayers. 573 A prime objective of the Treasury and the Revenue Bureau and the Civil Service Commission has been to see that only the most capable men available were named to the Civil Service posts of District Commissioner, Director of Internal Revenue, and other supervisory and staff positions. A selection board of top Treasury career officials was created to re view the qualifications of individuals both within and without the Revenue Service who were eligible for consideration for appointment» In those instances where positions were filled without Civil Service examinations because the candidates already had Civil Service status, the selection board made recommendations to the Commissioner of Internal Revenue and the Secretary of the Treasury on the candidates for these positions* In turn, the Secretary made recommendations to the Civil Service Commission per final approval* In instances where Civil Service examinations were held, the selection board reviewed the qualifications of the people highest on the Civil Service registers. In the final appointive action, all 17 new District Commissioners of Internal Revenue were chosen from among career employees of the Bureau of Internal Revenue* They were men whose long years of outstanding service in the Bureau fitted them exceptionally well for the* new and wider duties. Many of them could boast of around a quarter of a century or more of ex perience in Revenue Service responsibilities of a high order* 6k The Directors of Internal Revenue were chosen as follows: 1*1 were career employees in the Bureau — 10 of them Collectors or Acting Collectors^ 21 were named from Civil Service registers$ 2 were transferred from other Government agencies (one from the General Accounting Office and one from the Savings Bonds Division of the Treasury.) Cf the 21 Directors named from Civil Service registers, 7 were Collectors of Internal Revenue who did not have Civil Service status until they passed examinations$ one was an Acting Collector^ 5 were Revenue Service employees$ 8 were candidates from without the Revenue Service* The headquarters offices of the 17 new District Commissioners are located in Chicago, ^jjew York, Baltimore, Buffalo, Boston, Atlanta, Louisville, St. Paul, Philadelphia, St. Louis, Dallas, Birmingham, Seattle, Denver, Los Angeles, Cleveland and Detroit. nThe Revenue Service has now been given an excellent framework,n said Secretary Snyder. 11From this point on, the public can look forward to years of steady improvement in this vital arm of the Government as new and better ways of doing business are developed in response to the demands of a growing national economy#” oOe A p o rtra it o f th e of C h ie f J u s t i c e F re d S u p re m e C o u r t w as a d d e d t o d a y t o c o lle c tio n of p o rtra its M# V in s o n t h e T r e a s u r y 's of fo rn e r S e c re ta rie s of th e S n y d e r, and T reasu ry . * ith n u m e ro u s th e th e C h ie f Ju s tic e , T reasu n y o f f i c i a l s V in s o n an d f r i e n f l s p o r t r a i t w as p l a c e d S e c r e t a r y , F s i i i j ...iM w i i r r u .. / * < T h e p o r t r a i t w as p a i n t e d id io s e s tu d io is S e c re ta ry in > ^ o ffic e A / c on, o f th e ^ i b y Thom as E . S t e p h e n s , i n New Y o r k C i t y . oOo th e lo o k in g 580 IMMEDIATE RELEASE Friday, December £, 19^2 S-32^7 A portrait of Chief Justice Fred M. Vinson of the Supreme Court was added today to the Treasuryts collection of portraits of former Secretaries of the Treasury# With the Chief Justice, Secretary Snyder, and numerous Treasury officials and friends looking on, the Vinson portrait was placed in the Office of the Secretary, facing his desk. The portrait was painted by Thomas E. Stephens, whose studio is in New York City« 0O0 I RELEASE UOKKINO newspapers, Tuesday, December 9» 1932. The Secretary of the Treasury announced last evening that the tenders for $ 1 ,2 0 0 ,0 0 0 ,0 0 0 , or thereabouts, of 91~day Treasury bills to be dated December 11, 1952, and to mature March 12, 1953, which were offered on December it, were opened at the Federal Reserve Banin on December 8. The details of this issue ere as followss Total applied for - $l,9lt3,5lU,000 Total accepted * 1,200,11$,000 {includes $23b,059,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99*1*71/ Equivalent rate of discount approx* 2*091$ per annua Range of aecepted competitive bides High Low - 99*517 - 99*1)66 Equivalent rate of discount approx. 1*911$ par annua * * * * » 2*113$ * * (Tit percent of the amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St* Louis Minneapolis Kansas City Dallas San Franciseo Total Total Applied for Total Accepted $ 1 H ,9li3 ,5lk ,000 >1 ,200,11)2,000 22 ,107,000 1 ,367,389,000 33 ,200,000 31 ,298,000 31,18k, 000 25 ,569,000 202,007,000 1)0 ,262,000 16 ,985,000 1*9 ,015,000 ko,630,ooo 83 ,868,000 20,1)77,000 706,82l),000 16 ,200,000 31,298,000 28 ,921),000 25,1)1)3,000 166,658,000 32 ,502,000 16 ,985,000 kk,015,000 37 ,878,000 72,738,000 TREASU RY DEPARTM ENT Information Service WASHINGTON, RELEASE MORNING NEWSPAPERS, Tuesday, December 9* 1952. S-3258 The Secretary of the Treasury announced last evening that ' the tenders for $1,200,000,000, or thereabouts, of 9 1 -bay Treasury bills to be dated December 11, 1952, and to mature March 12, 1953* which were offered on December 4, were opened at the Federal Reserve Banks on December 8. The details of this issue are as follows: Total applied for - $1,943*514,000 Total accepted - 1,200,142,000 (includes $234,059*000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99.471/ Equivalent rate of discount approx, 2 .091$ per annum Range of accepted competitive bids: High - 99.517 Equivalent rate 1.911$ - 99.466 Equivalent rate O IT C .J -Xj/iJ Low of discount approx. per annum of discount approx. per annum (74 percent of the amount bid for at the low p¡rice was accepted) Federal Reserve District ; • Boston New York Philadelphia Cleveland Richmond Atlanta Chicago • St. Louis Minneapolis Kansas ’City Dallas San Francisco Total Applied for $ TOTAL 22,107*000 1 ,367 ,389,000 Total Accepted $ 20,477,000 33*200,000 31,298,000 31,184,000 25*569,000 202,007,000 40,262,000 16 ,985,000 49*015*000 40,630,000 83,868,000 706,824,000 16 ,200,000 3 1 ,298,000 28,924,000 25 ,443,000 166,858,000 32,502,000 16,985*000 44,015*000 37 ,878,000 72 ,738,000 $1,943,514,000 $1,200,142,000 0O0 g m II' 'J>V>V ■ am $¿ Ö ru H I I j üJ J tf*.* ¿I C> ¥ il fl T & fí it oppur Of 1 in our i bus t E I' ■ consumer provides vet snot spur to progress. «e * 1 I ■1 i tVi ■I ■ t r Cítii#n I t 01 ioc coV;iipy iifili i Bgt H €4p p X IC <11 1 Ii I n I n I lit if* "I I oduots - 17 sustained beyond the period of high-level defensa production. Among those persons are communist leaders who have predicated the success of their plans for world conquest on the imminent collapse of our free enterprise system. It is undeniably true, of cour®#, that the defense program has increased production and IS prspf rati on 3 ns e»ss ■M)3 a burden on our economy. It has boon t moat rssiaricable experience i that through the ingenuity, the m § i the clarity of thinking of the American that white wo have H i i It the demines of the defunge arogram, we have at the same t ime enjoyed unprecedented pro3per»ty in this country. how, I iti »»art that many rsons have felt that of accomplishment cannot record 14* ** many of thorn electronic -- to provide the pilot with greater and more accurate fire power or bombing performance, more maneuverability, day and night combat capability, and a better chance of combat success, require tans of equipment in a plana where a few hundred pounds used to It enough. The stronger construction needed to withstand high-speed conditions demands tougher and heavier materials, while .. lo VJ 10 o of our basic resources and increased our basic industrial cap&c ity ilies V-J Day, approx{stately 1170 billion of private capital his bean put into now ■ plant and s q u i p m e n t . This is a far greater sum -- both in I 1■ I I dollars and in real terms than in any other comparable tima in our c o u n t r y ’s history, and as a result our manufacturing capacity today is over S5 percent greater F - ¿ - products oí Âmer ican industry *nd äV r iculture. Asthis opened t h e door to ever- i n c r e « s i n s «roaucx I ■*fc# Ì t. i wtk jüw « >i ô ew oppe, «, s>d the door T o r o u r tó-1■ t Uii If¿ÿ Í P i O P .JLju % ¿#1 perdonili and r>«t ion*! prosi; recent « i 1 f ri d i s p e n g a p# I A ■-jp*. I ii k s n on OI d ■$|pL e V S ii consideration is u iven ts the raany ifmys ini irit litfe, t e-sjú. ha volunteered k By h a dr t y r< liii.iir « o f «* t U ■-fc*■*>ifo. *#f ' 1 1 *. I y i 1 11 !il m 4, \# I # oofiv§ t i % i o ii o I thy uyxcfoor A y v y r 1 1 s itiq A ii&o q i it 1 1 i n oi £| h $ 1 tn is u H /jjBkf m progross l a t i The e I f a II Gf V 0 a v a l u IV i u u * in t a « o us s f c f us t r y # it i i I',.* # | . | in el of tiO wo St r e o r v s o n t factors if \m y r io i * fu i a ^ W icing, 1» Wt'-EgE t Wa Wn ‘“I* h n Ii ltw|.Wu wb fs* V i n d u c ing iation 31 §I , have served as a key S' The f o l l o w i n g address by S e c r e t a r y Snyder before ïèK ztoxm àx&mTBatetwesmte. ttothe National Convention of the Outdoor A d v e r t i s i n g A s s o c i a t i o n of America a t the Conrad H i l t en H o t e l , Chicago, I l l i n o i s , is scheduled f o r del i v e r y at 2 p.m. CST Tuesday. December 9. _19.52* .ahcLis. f o r r e l e a s e , at t h a t time* f TREASURY DEPARTMENT Washington The following address by Secretary Snyder before the National Convention of the Outdoor Advertising Association of America at the Conrad Hilton Hotel, Chicago, Illinois, is scheduled for delivery at 2 ¡CC p,*>m0 CST, Tuesday, December 9 » 1952* and is for' ~“* release at that time« 621 I appreciate the opportunity to appear before this annual convention of the Outdoor Advertising Association of America, As a group and as individuals, you represent one of the most potent factors in the business progress of this Nation — the advertising industry. The effective techniques in national advertising, including those which your Association has developed, have served as a key to open up vast new markets for the products of American industry and agriculture« As this key has opened the door to ever*.increasing productivity, it lias likewise opened the door to new opportunities for our people and an unparalleled personal and national prosperity«, In recent years, the indispensability of advertising has taken on even greater meaning, when consideration is given to the many ways in which you have volunteered the talents and resources of the advertising industry to promote public service programs« A most notable example of your industry’s public service activities has, of course, been the enthusiastic and unstinted support you have given the United States Savings Bonds Program« Your industry-wide efforts have not only helped assure the success of this program^ but have helped make it a great bulwark to the financial and economic stability and strength of our country« It is an established fact that never before in history has the economic strength of a nation been so important to its military power* The communist invasion of the Republic of Korea, in an attempt to destroy the hard-won liberties of a free people, has made it clearly apparent that in order to assure our defense of peace, we shall have to rely upon our own and our allies1 military preparedness and our allied economies to provide that protection* This means that we are faced now with a new test of our citizenship* Our form of Government rests squarely upon the concept of individual responsibility in the formation of national policies and programs* And every national policy or program, to be successful, must represent the will of individual citizens acting jointly« This present situation — one short of all-out war, but with many of the burdens of actual war — requires a tough and long-lasting brand of patriotism* It requires a new degree of statemanship on the part of all of us* It requires courage to face the facts and to hold to our purpose of preventing another full-scale war by preserving freedom and decency in the world* S-3259 - 2 - 622 ¥e have, I think, made substantial progress in that direction in the two and one-half years since the invasion of Korea« Our national defense program is well advanced» Deliveries of all military procurement items have risen steadily« The production of tanks and other combat vehicles is now at a rate seven times higher than a year ago, and the first production models of a new heavy tank will shortly be delivered© The output of electronic equipment, including some of the largest and most complicat ed items, is more than double that of a year ago* Aircraft deliveries also are increasing rapidly« Two years ago,* production of the B-J47 , our principal medium bomber had barely started* today, at one plant alone, of the three producing this model«. &*kVs are being turned out at a rate of better than one per day, while the combined output of F-8U fighter-bombers and F-86 fighterinterceptors has reached 2^0 a month* or more than four times the production rate of 2 years earlier© We have, as well, already built some of the reserve production capacity that is needed, and we have expanded, the output of our basic resources and increased our basic industrial capacity« Since V-J Day, approximately $170 billion of private capital has been put into new plant and equipment© This is a far greater sum — both in dollars and in real terms — than in any other comparable time in our country*s history, and as a result our manufacturing capacity today is over 6 5 percent greater than it was at the end of World War II* Our steel capacity, already by far the greatest in the world, has risen by 23 percent, with almost two-thirds of the increase achieved since the Korean invasion* Our electric power capacity has increased 6)4 percent, and 5? percent of this increase has also taken place since the Korean invasion* And our petroleum capacity, another basic element in our productive strength, has risen over 50 percent to 7«8 million barrels per day 0 We should not, however, underestimate the magnitude of the job still before us. National security in these troubled times does not come cheaply or without effort© This fact is apparent,if only because of the growing complexity of military weapons, of which our aircraft is a particularly significant example* The first B-l;7 ustratojetn medium boirber required 3-1/2 million engineering man-hours, compared to only 85,000 man-hours for the first production model of the B-17 -- our standard heavy bomber during most of World War II0 Today1s Navy or Air Force jet fighter weighs nearly as much as the old B-17 bomber, and today»s B-36 weighs 2-1/2 times as much as. the older B-29 * Automatic devices — many of them electronic — to provide the pilot with greater and more accurate fire power or bombing performance, more maneuvez’ability, day and night combat capability, and a better chance of combat success, require.tons of equipment in a plane where a few hundred pounds used to be enough* The stronger construction needed to withstand high-speed conditions demands tougher and heavier materials, while new jet engines, developing as much as 25»000 horsepower — 2-1/2 times the power of the combined four engines of a B-29 Superfortress — have required the use of new heat-resisting alloys demanding larger amounts of metals already in short supply* - 3 - B23 X need not tell you then* when wre consider the defense program as a whole* that all of this is expensive; that all of this necessary preparation places a burden on our econony* It has been a most remarkable experience that through the ingenuity, the will to do and the clarity of thinking of the American people that while we have met the demands of the defense program, we have at the same time enjoyed unprecedented prosperity in this country* Now, X am aware that many persons have felt that this record of accomplishment cannot be sustained beyond the period of high-level defense production* Among those persons are the communist leaders who have predicated the success of their plans for world conquest on the imminent collapse of our free enterprise system* It is undeniably true, of course, that the defense program has increased production and employment in the defense and defense-related industries, but the fundamental basis of our present prosperity is derived from the more permanent factors which have created, and will continue to create, a solid and expanding demand for both goods and services# These factors include, for one, a broad distribution of income w"hich has created a mass market for the products of American industries and agriculture# For another, our rapidly growing population in our dynamic econoiiy is providing a continuously expanding demand for housing* for community facilities* and for a multitude of other goods and services as well* This past year alone, 2-3/it million persons were added to our population* This was the equivalent of adding a new state as large as Iowa# The result has been to open a new frontier offering increased rewards to those who are willing to take advantage of the opportunity* Moreover, in our free economy, the competition of business for the favor of the consumer provides yet another spur to progress. We are living in the midst of a tremendous period of new discovery and invention* The application of new methods and techniques and the production of new products were strong influences in our economic advance prior to the Korean invasion* In the future, equal possibilities are clearly present, and will contribute to our future economic expansion when the slackening in defense requirements releases productive resources in large volume to peacetime uses* I have, throughout what I have said about our future prospects, assumed that we, as a Nation, will be alert to adopt fiscal and other economic policies appropriate to changing economic circumstances. It is, as you know, the primary responsibility of the Secretary of the Treasury, as provided by the Congress in the original Act of 1789 establishing the Department, to n ***prepare plans for the improvement and management of the revenue, and for the support of the public credit**," In the broadest sense, confidence in the credit of the United States Government and a healthy growing economy are synonymous* For this reason, every Secretary of the Treasury has recognized that, in peace or war, any substantial impairment of the credit of 624 -li the Federal Government would be a major blow to the maintenance of high-level production and employment and to the orderly operation of our private enterprise system* Every effort has been made, therefore, by succeeding Secretaries to maintain confidence in the Government*s credit* The principles of sound fiscal policy are not difficult to comprehend* I have tried to recognize those principles at all times in my recommendations to the Congress and to the President* For example, when I took the oath as Secretary of the Treasury in June 19l|6, I made this statements "It is the responsibility of the Government to reduce its expenditures in every possible way, to maintain adequate tax rates #** and to achieve a balanced budget — or better ©c*#" We made progress on this account, for we were able to show an over**all budget surplus of nearly $3 - 3 /l| billion during the six completed fiscal years ended last June 30? taken as a whole# Now, however, the expanded requirements of national defense have so greatly raised the necessary level of Federal expenditures that, despite the increased taxes enacted by the Congress, we are faced with the problems attendant upon a substantial budget deficit* Nevertheless, the job of financing the defense effort and of maintaining continued public confidence in the credit of the United States has been made easier because of the financial policies we pursued earlier, and because increased revenues and strengthened tax laws have enabled us to finance our defense needs to a much greater extent out of current income#In formulating our debt management policy during recent years, considerable stress has been laid on the encouragement of individual thrift# The Treasury Department, through its Savings Bonds Program, has continuously endeavored to stimulate savings which in turn would serve both to build up a strong backlog of purchasing power and at the same time, in the defense period, act as a deterrent to inflationaiy forces© It was in this spirit that we have carried on in the postwar years, with your invaluable help and cooperation, a number of national thrift campaigns* You were given the blueprints and you went to work to add your industry^ resources in a great volunteer effort to bring the thrift message to every community in our land* It is genuine evidence of the high esteem in which this objective is held that the advertising industry has made it possible for the Savings Bonds Program to receive some to |?0 million annually in donated advertising during the postwar years# You know the results of our Nation-wide efforts© Despite the fact that many bonds were redeemed to buy homes, household furnishings, automobiles, to provide higher education for our youth, and to meet various emergency expenses, the volume of savings bonds outstanding today is nearly $9 billion more than it was in June 19^6© The tremendous part which advertising has played in making the Savings Bonds Program a success cannot adequately be measured, although its results are obvious# Advertising holds a position in the United States which, in ** f> - G25 comparison to its position in other countries, is unique* Nowhere else is advertising so highly developed or so important in the econongr© It is to convincing advertising that I attribute a major credit for the fact that today over one-fifth of our public debt is in the form of savings bonds* Advertising has, indeed, been one of the primary forces in the achievement of our sales goals through the years and will remain a key force in the future0 To you members of the Outdoor Advertising Association, I particularly want to express my warm thanks for the imaginative and stimulating part that you have taken in making our thrift program efforts so successful* Today, as we face the future it is of the greatest importance that we, all of us, make every effort to solve the serious problems which confront us, taking full courage from the record of our accomplishments in the past, and toward this end let us move with fortitude and confidence, determined in a united effort to build a peaceful world in which liberty and justice are the common property of all mankind* 0 O0 TREASURY DEPARTMENT F is c a l S e rv ic e STATUTORY DEBT LIMITATION AS OF IToveiaber 3 0 , 1952 Washington, December 4, 195 to Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United states (except such guaranteed obligations as may be held by the secretary of the Treasury), "shall not exceed in the aggregate $275,000,000,000 (Act of June 26, m 6; U.S.C., title 31 , sec. 757b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount." The following table shows the face amount of obligations outstanding and the face*amount which can still be issued under this limitation: $ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0 Total face amount that may be outstanding at any one time Outstanding Obligations issued under Second Liberty Bond Act, as amended Interest-beari ng: Treasury bills..................... Certi f icates of indebtedness..... . Treasury n o t e s ........... ......... Bonds Treasury Savings (current redemp. value) Depositary....................... 1 2 1 , 7 1 5 , 086,000 1 6 . 901 . 934.000 36.342.103.400$ 74,959,12 3 , 1*00 79.767,978.900 57,850,235,8^8 395.65^,500 Armed Forces Leave.............. Investment series............... Special Funds - Certificates of indebtedness Treasury notes Total interest-bearing 13.449.536.000 23,808,215,000 14,980.030.»00 Matured, interest-ceased.................................... Bearing no interest: war savings stamps .. .............. 151,463,405,248 38.788.24*>»400 265,210,774,048 282 , 005,013 48,810,322 1 ,601,763 Excess profits tax refund bon d s... Special notes of the United States: Internat'l Monetary Fund series... 1,263,000,000 Total 1*313.412.085 266,806,191,146 Guaranteed obligations (not held by Treasury): Interest-bearing: Debentures: F.H. a . .................. Demand obligations: C.C.C............ .... Matured, interest-ceased 48,854,586 415,461 49,270,04? 1 , 322,375 50,592,422 Grand total outstanding .......................................... Balance face amount of obligations issuable under above authority 266 , 856 , 783,568 8,143,216,432 Hov, 30, 1952 ... (Date).. Treasury, Bee* .1,. 1952) Reconcilement with statement of the Public Debt (Daily statement of the United States Outstanding - Total gross public debt .................... ....................................... Guaranteed obligations not owned by the Treasury Total gross public debt and guaranteed obligations ........... Deduct - other outstanding public debt obligations not subject to debt limitation.. 267 , 432 , 234,929 S0.S92.422 267,482,827,351 ........ 626.043. 783 266,856,783,56® STATUTORY DEBT LIMITATION AS OF NOVEMBER 30, 1952 627 December 10, 1952 Section 21 of Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), "shall pot exceed in the aggregate $275*000,000,000 (Act of June 26, 19U6$ U.S.C., title 31, sec 75?b), outstanding at any one time. For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount.w The following table shows the face amount of obligations outstanding and the face amount which can still be issued under this limitation: $275,000,000,000 Total face amount that may be outstanding at any one time Outstanding Obligations issued under Second Liberty Bond Act, as amended Interest-bearing: Treasury bills.......... ......$ 21, 715, 086,000 Certificates of indebtedness... 16 ,901,93l(, 000 Treasury notes......... ....... 36,31*2,103,1*00 I 75,959,123,1*00 Bonds 79,767,978,900 Treasury.............,....... Savings(current redemp. value) 57,850,235,81*8 395,651*, 500 Depositary................. . Armed Forces Leave..... ..... Investment series.......... . 13,14*9,536,000 Special Funds Certificates of indebtedness. 23,608,215,000 Treasury notes,.............. lU,980,030,I4OO Total interest-bearing.... Matured, interest-ceased........... Bearing no interest: War savings stamps.... . 148,810,322 Excess profits tax refund bonds.. 1,601,763 Special notes of the United States: Internata Monetary Fund series 1,263,000,000 Total........ ..................................... Guaranteed obligations (not held by Treasury): Interest-bearing : Debentures: F.H.A. .......... !|8,85U,586 Demand obligations: C.C.C. .... Ul5,U6l Matured, interest-ceased ......... 151,1*63,1*05,21*8 3 8 ,788 ,21(5 ,1*00 z w ,m 7 7 m ^ m 282 ,005,013 1,313,1*12,085 26675o6>191,155 U9,270,0117 ..... 1,322,375 55,'552,522 Grand total outstanding............................ Balance face amount of obligations issuable under above authority... 266,856,76^ 568 8-j.H3,2l6^Ü32 Reconcilement with Statement of the Public Debt - November 30, 1952 (Daily Statement of the United States Treasury, December 1, 1952) Outstanding Total gross public debt ............................................ 267,¿+32,23^,929 Guaranteed obligations not owned by the T r e asury............... . 50,592,¿422 Total gross public debt and guaranteed obligations ............ 267,li82,827351 Deduct - other outstanding public debt obligations not subject to debt limitation............................... ............... 626,Cl.i3,783 26p 56,783,563" S-326O M E D I A T E RELEASE December 9, 1952 f# The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities on which quotas were prescribed by the Philippine Trade Act of 191*6, from January 1, 1952, to November 29, 1952, inclusive, as follows; products of the Philippines : : Buttons • • ............ Established Quota i Quantity : 8 5 0 ,0 0 0 Unit of Quantity Gross Cigars • • • • • • • • • • 2 0 0 ,0 0 0 , 0 0 0 Number Coconut Oil • • • • • • • • 1*1*8 ,0 0 0 , 0 0 0 Pound’ C o r d a g e ........ . Rice • • • • • • • • • • • « Imports as of November 2 9 , 1 9 5 2 7 1 7 ,9 2 1 l ,6 oS ,5 2 U 1 0 6 ,8 1 7 , 2 9 7 6 ,0 0 0 , 0 0 0 pound U ,0 1 8 , 8 6 7 1 ,01 *0 , 0 0 0 Pound - l , 9 0 l*,0 0 0 , 0 0 0 Pound (Refined • . Sugars 1 ,6 0 0 ,2 8 1 , 0 0 1 (Unrefined • • Tobacco • • • • • • • • • * \ 6 ,5 0 0 , 0 0 0 Pound 2 ,6 9 0 , 9 0 7 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesday5 December 10, 1952 S-3261 The Bureau of Customs announced to d ay preliminary figures showing the imports^for consumption of commodities on which quotas were prescribed by the Philippine Traoe Act of I9I46, from January 1, 1952, to November 29* 1952 inclusive, as followsj ' ~3 0 Products of the Philippines j : • • Buttons • • Established Quota Quantity : Unit of : Quantity • # ; Imports as of sNovember 29 , 1952 # # 85o,oco Gross 717,921 Cigars•••«•«• 200 ,000,000 Number 1,005,521* Coconut Oil,. 1*1*8 ,000,000 Pound 106,817,297 Cordage cptctaio«4 «»Mt#ii 6 ,000,000 Pound JLt.,018,867 HiceM .M ,# M M < I M I M M t 1 ,01*0,000 Pound - l,90l*,000,000 Pound Sugars (Refined.... . ... (Unrefined,.,.*,» Tobacco..............tttt m 1 ,600 ,28 1,0 0 1 6,500,000 Pound 2,690,907 IMMEDIATE RELEASE December ^ 5 1952 / ¡0 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities within tariff-rate quota limitations from the begin ning of the quota periods to November 29> 1952, inclusive, as follows: Commodity Period and Quantity Unit of Quantity Imports as of November 29, 1952 Whole milk, fresh or sour . ............... •Calendar year 3,000,000 Gallon 22,831* .Calendar year 1,500,000 Gallon 899 50,000,000 Pound 1,1*97 31,1*72,108 Pound Quota Filled 150,000,000 798,900,000 Pound Pound 20,061*, 930 18 ,16 5 ,79 9 Walnuts • * • ..........., Calendar year 5,000,000 Pound Quota Filled Petroleum and petroleum products....... . . • •Calendar year Venezuela Netherlands Other Countries 2 , 9 5 6 ,8 1a, 9U9 930,857,651 Gallon Gallon Quota Filled Quota Filled 1,090,11*8,800 Gallon Quota Filled Cream................. Nov. 1 , 1952Butter....... . . . . • March 3 1 , 1953 Fish, fresh or frozen, filleted, etc., cod, haddock, hake, pollock, cusk, and rosefish . » * •Calendar year White or Irish potatoes: certified seed . • • • • .12 months from other........... . • 4. Sept. 13, 1952 Almonds : shelled....... . • 12 months from 1,096,595 7,000,000 prepared • . • • • • • • •October 1, 1952 Pound 130,959 TREASURY DEPARTMENT 631 Washington IMMEDIATE RELEASE Wednesday, December IQ, 1952 S*3262 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities within tariff-rate quota limitations from the beginning of the quota periods to November 29, 1952, inclusive, as follows: Commodity Period and Quantity Unit of Quantity Imports as of November 29, 1952 Whole milk, fresh or sour«..o. Calendar year 3,000,000 Gallon 22,831* Cream*.»«• Calendar year 1,500,000 Gallon 899 Nov# 1, 1952B u t t e r . • 5 0 ,000,000 Pound 1,1*97 31,1*72,108 Pound Quota Filled 150 ,000,000 Pound 20,061*,930 18,165,799 March 31* 1953 Fish, fresh or frozen, filleted, etc*, cod, haddock, hake, pollock, cusk, and rosefish,••*•«•» Calendar year White or Irish potatoes: certified seed,8** *.«»««o* 12 months from other...................r« Sept* 15, 1952 Petroleum and petroleum pr OdUCt Sa,* ** ••*o•*«• 3. boo Calendar year Venezuela Netherlands Other Countries Pound Quota Filled Quota Filled 1,090,11*8,800 Gallon Quota Filled 12 months from Prepaied.«*•*•.•*«•»*&**** October 1, 1952 Quota Filled 2,956,8hl,9it9 Gallon 930,857,651 Gallon 1,096,595 -0 o o o 4, o o o Almonds : Shelled o o o «\ o o o»4 1A Walnuts* .*«<.,,0Qeee..G*9«'3t4 Calendar year 798,900,000 Pound Pound 130,959 , M j-tJ'j y ( j- 7 2 ¿>3 «£©8**IMMEDIATE RELEASE December % 1952 7J The Customs announced. ,771 —Bureau ' ~ of ,-----------figures showing the quantities of wheat and wheat fLoux/entered, or withdrawn from warehouse, for consumption under the import quotas established in the President’s proclamation of May 28, 1941, as modified by the President’s proclamation of April 13, 19ii2 for the 12 months commencing May 29, 1952, as follows: * Wheat Country of Origin Established : Imports Quota *May 29, 1952, to {December 9* 1952 (Bushels) (Bushels) Canada China Hungary Hong Kong Japan United Kingdom Australia Germany Syria New Zealand Chile Netherlands Argentina Italy Cuba France Greece Mexico Panama Uruguay Poland and Danzig Sweden Yugoslavia Norway Canary Islands Rumania Guatemala Brazil Union of Soviet Socialist Republics Belgium 795,000 794,576 100 Wheat flour, semolina, crushed or cracked wheat, and similar wheat products Established : Imports” Quota t May 29, 1952, : to December 9 (Pounds) (Pounds) 3 ,815,000 24,000 1 3 ,0 0 0 1 3 ,0 0 0 8 ,0 0 0 75.000 1,000 5 ,o o o ' 5 ,o o o . 1 ,000 ’ 100 * 100 1 ,2 19 ,6 7 6 44 1,000 100 2,000 100 1,000 14,000' 2,000 12.000 1,000 1,000 1,000 1,000 100 - 1,000 1,000 1,000 1,000 1,000 1,000 1,000 - 1,000 100 100 100 100 "800,000 794,57s 4,000,000 1 ,2 19 ,7 2 0 633 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesday, December 10, 1952 S-3263 The Bureau of Customs announced today preliminary figures showing the quantities of wheat and wheat flour authorized to be entered, or withdrawn from warehouse, for consumption under the import quotas established in the President’s proclamation of May 28, 19kl, as modified by the President’s proclamation of April 13, 191*2, for the 12 months commencing May 29, 1952, as follows: Wheat Country of Origin Canda China Hungary Hong Kong Japan United Kingdom Australia Germany Syria New Zealand Chile Netherlands Argentina Italy Cuba France Greece Mexico Panama Uruguay Poland and Danzig Sweden Yugoslavia Norway Canary Islands Rumania Guatemala Brazil Union of Soviet Socialist Republics Belgium Established t Imports Quota ;May 29, 1952, to sDecember 9, 19^2 Wheat flour, semolina, crushed or cracked wheat, and similar wheat products Established i Imports Quota j May 29, 1952, to December 9• 1952 (Bushels) (Bushels) (Pounds) (Pounds) 795,000 7?U,576 • 3,815,000 1 ,219,676 - - 100 - - 100 100 - 2 - - — - - 100 2,000 100 1,000 - 100 — - m - - mi - m. - — - — - •» - — m 1,000 100 100 - 100 100 _ ‘800,000 MB 79k*578 2k,000 13,000 13,000 8,000 75,ooo 1,000 «• kh 5,0 0 0 5 ,o o o 1,000 1,000 1,000 lk,000 2,000 12,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 MB MB mm mm _ . ■ mm 4,000,000 1,219,720 COTTON WASTES (In pounds) COTTON CARD STRIPS made froar cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE? Provided, however, that notmore than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes'made from cottons of 1-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland^ Belgium, Germany, and Italy: Country of Origin : United Kingdom ........ Canada ................. France .......... ..... British India .... ..... Netherlands ........... Switzerland ........... Belgium ................ Japan ................. China .................. E g y p t .... ............. C u b a ..... ..... ....... G e r m a n y ......... ...... Italy .................. Established TOTAL QUOTA 4,323,457 239,690 227,420 69,627 68,240 44,388 38,559 341,535 17,322 8,135 6,544 76,329 21,263 Imports ly : Total imports : Established : s Sept. 20, 1952, to s 33-1/3% of : Sept. 20, 1952, : December 9* 1952 : Total Quota : to December 9« 1952 607 211,686 13,111 8,964 15,929 «■Ht « m* - — #■* 6.430 m m 1,441,152 - 75,807 22,747 14,796 12,853 — 25,443 7,088 13,111 15,929 «•ft - mm — m ____ 5.482.509_________ 256,727___________ 1.599.886_________ 35.470 1/ Included in total imports, column 2. Prepared by the Bureau of Customs T - A , I M M E D I A T E RELEASE (jJyW-, December *4 V 1952 Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas established by the President's Proclamation of September 5, 19395 as amended COTTON (other than linters) (in pounds) Cotton under 1-1/8 inches other than rough or harsh under 3/4" Imports Sept, 1952. to~December 9* 1952. inclusive Country of Origin Established Quota Egypt and the AngloEgyptian Sudan .... Peru ....... British India ...... China .............. Mexico ............ . Brazil ......... Union of Soviet Socialist Republics Argentina ........... H a i t i .... .......... Ecuador .... ^*.... .. 783,816 247,952 2,003,483 1,370,791 8,883,259 618,723 Imports 587 «*» m in 4,432,824 ** 475,124 5 ,2 0 3 237 9,333 m* *m mm mm Country of Origin Established Honduras ............. P a r a g u a y ............. Colombia .............. Iraq ...... ;........... British East Africa ... Netherlands E. Indies Barbados ..;......... . l/0ther British W. Indies Nigeria ................ 2/0ther British W. Africa 3/Other French Africa ... Algeria and Tunisia .., Imports 752 871 124 195 2,240 71,388 21,321 5,377 16,004 689 - 1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. 2/ Other than Gold Coast and Nigeria. 2/ Other than Algeria, Tunisia, and Madagascar. Cotton, harsh or rough, of less than 3/4” Imports Sept. 20. 1952» to November 29« 1952 Cotton 1-1/8* or more, but less than 1-11/16* imports Feb. ]T. 1952. to December 9. 1952 Established Quota (Global) Established Quota (Global) 70,000,000 Imports 2,361,627 45*656,420 Imports 29,585,233 W#9W I» yer ssestsh f-7 9 'T C aLviaawwi 3 1 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Wednesdayj December 10, Inc*' S-3261* Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas established by the Presidents Proclamation of September 5, 1939* as amended COTTON ^Other than linters) (in pounds) Cotton under 1-1/8 Inches other than rough or harsh under 3A » Imports ¿>eptp ¿0, i9p2, to December 9, 1952 , inclusive Country of Origin Established Quota Egypt and the AngloEgyptian Sudan .... Peru. ........ . British India ....... China ............... co .............. Brazil .............. Union of Soviet Socialist Republics Argentina ........... H a i t i .... . Ecuador ............. 1/ [mports 78 3 ,3 1 6 21+7,952 2,003,1+33 1,370,791 8,883,259 618,723 587 1+75,121» 5,203 O 1 9,333 Country of Origin Ronduras .............. Paraguay..... . C o l o m b i a . ... Iraq .................. British East Africa . Netherlands E. Indies . B aro ados .«.... ........ ¿/Other British W. Indies KH c p p y *"? 2/ 3/ Other than Algeria, Tunisia, and Madagascar. 3/hn Imports Sept. 20, 1952, to November 29, 1952 Established Quota (Global' 70,000,000 -*-*is■*■ . . . . . . . so 2/other British W. Africa 3/Other French Africa ... Algeria and Tunisia ... Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. Other than Gold Coast and Nigeria. Cotton, harsh or rough, of less than Established Quota Imports 2,361,627 752 871 121* .195 2,21*0 71,388 21,321 5,377 l6,00l* 68? Cotton l-l/6n or more, but less than l-Il/l6!t Imports Feb. I, 1952, to December 9.» 1952 Established Quota (Global) 1*5,656,1*20 Imports 29,585,233 Imports - 2 - COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT 1-iANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33"‘l/3 percent of the quotas shall be filled by cotton wastes other ring than comber wastes made from cottons of 1 -3 /1 6 inches or more in staple length in the case of the follow! countries: United Kingdom, France, Netherlands, Switzerland, Eelgium, Germany, and Italy: « * Country of Origin United Kingdom . . . « • • Canada • • • • • • « ...... France British India Netherlands ........ Switzerland « • ..... . Belgium Japsn . . ........ • . « • China . . • ............... E g y p t .............. . Cuba : Established : TOTAL QUOTA • •• #t 1*,323,1*57 239,690 227,1*20 *«*$•# ...... 607 211,686 13,111 8 ,96!* : Imports l/ : September 20, 1952, : to December 9 , 1952 1 ,14*1 ,1 5 2 — - — 13,111 — 15,929 15,929 75,807 22,71*7 1*1*,388 38,559 31*1,535 - 111,796 - - 12,853 — - — mm 1 7,3 2 2 8 ,1 3 5 - — - — ** 6,51*U - — ** 76 ,32 9 21,263 - 25,14*3 6,1*30 7 ,0 8 8 6,1*30 5 r 1*82,509 256,727 1,599,886 3 5 ,1*70 69,627 68,2I+Q Germany ...... . • • • 0 • Ita_i.y . . . . . . . . . . . . . . . • • • • • l/ : Total imports : Established «Sept. 20, 1952, to: 33-1/3$ of «December 9, 1952 : Total Quota Included in total imports, column 2. Prepared by the Bureau of Customs - 3 m m subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 1*2 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 19^1, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. iil8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. - 2 - g DHHEX dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva- tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on December 18. 19*52 » in cash or other immediately available --------6HJc .. funds or in a like face amount of Treasury bills maturing December 18. 1952 » rant Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto, The bills shall be « m u TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, December 11, 1952 # The Secretary of the Treasury, by this public notice, invites tenders cash and in exchange for Treasury bills maturing the amount of $1,202.812,000 December 18 1952 . in ----- — g-j-*----^ — , to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated December 18, 1952 The bills , and will mature March 19» 1953____ when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday. December 15. 19£2. 3dxikjk Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from, responsible and recognized TREASU RY DEPARTM ENT Information Service RELEASE MORNING NEWSPAPERS, Thursday, December 11, 1 9 5 2 . . WASHINGTON, . t -, , - S-?3265 The Secretary of the Treasury, by th i s 'p üb 1 i c net ice, invites tenders for $1,200,000,000, or thereabouts, ;of 9 1 - d a y T r e a s u r y bills, for cash and in exchange for Treasury bills maturing December 1 8 , 1952, :in the amount of $1,202,812, 000, t a be issued on a discount .basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series; will be dated December l8>¡v3-952, and will mature March 19, 1953> *when, the face amount will be payable without interest . .They will b e .issued in bearer form,;QUly, and in denominations $1> 000, •$.5j 0.00, $10,000, $100,000, $500,000, and $1,000,000 (maturity v a l u e ).. of Tenders, will be received at Federal Reserve Banks and Branches, up to the closing hour, two o ’clock p.rn., Eastern Standard time, Monday, December 15* 1952. Tenders will; hot be. received at the Treasury Department, Wàshington. E a c h ,ténder: must be ■for an even multiple of $1,000, and in thé., casé.,ôf competitive tenders the price'offered must be expressed on the,basis of :100, with not more than three .decimals, eV g .., 99*925 - Frac ti on s ma y hot be used. It is urged that tenders be made on the printed forms land forwarded in. the special envelopes which will be supplied by Federal Reserve Banks or Branches On application therefor;, , ^ ; i Others.than banking institutions will not be* permitted to : submit tenders except for their own accounts- Tenders will b e received w i t h o u t ■deposit from incorporated banks-and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless -1110 tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. . Immediately after the closing hour, tenders,will be opened at the Federal Reserve Banks and Branches,, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept o r reject any or all tender’s, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price 2 (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bahk on December 18, 1952, in cash or other immediately available funds or in a like face amount of Treasury bi3.!s maturing December 18, 1952. Cash and exchange tenders will receive equal treatment, Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under t h e .Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be subject to estate, inheritance,.gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued here under need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for whicn the return is made, as ordinary gain or loss. Treasury Department Circular No. 4l8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. lELEASE AFTERNOON NEVISPAPERS F rid a y , December 1 2 , 1952» S- é "vm TiffiGG Secrei m u departed Friday by air to attend the Tenth Session of the North Atlantic Council in Paris* The U. S* delegation to the NATO conference will be composed of Dean Acheson, Secretary of Stated Robert Lovett, Secretary of Defense,' Averell Harriman, Director for Mutual Security/ and Secreta] The comingyoession will open on Monday, December lf>, and is scheduled to conclude on Friday, December 19* Secretary Snyder, who attended previous meetings of the Council in Ottawa, Rome, and Lisbon, said/ "These meeting|iiave given us a real opportunity to understand each other* s problems and develop a spirit of cooperation in solving them* This has made it possible for us to move much more effectively toward establishing an unchallangeable basis of strength for our free world. **There have been encouraging signs in the past year/iMtesa&ftgr SSjSlSgai'AlUttlySPthat many countries are determined to face their difficult financial problems in a realistic manner* Without sound finance, there cannot be sound economies, and without sound economies, there cannot be military security. I am encouraged by the developments of the past year^ and look forward to discussing the present situation with ny friends and colleagues in Paris.** The meeting of the North Atlantic Council will be attended by the Foreign Ministers, Finance Ministers, and Ministers of Defense of the fourteen countries participating in the North Atlantic Treaty Organization. (a TREASU RY DEPARTM ENT Information Service WASHINGTON, B42 RELEASE AFTERNOON NEWSPAPERS Friday, December 12, 1952, S-3266 Secretary Snyder departed Friday by air to attend the Tenth Session of the North Atlantic Council in Paris. The U, S. delegation to the NATO conference will be composed of Dean Acheson, Secretary of State; Robert Lovett, Secretary of Defense; Averell Harriman, Director for Mutual Security; and Secretary Snyder. The coming session will open on Monday, December 15, and is scheduled to conclude on Friday, December 19. Secretary Snyder, who attended previous meetings of the Council in Ottawa, Rome, and Lisbon, said: ’’These meetings have given us a real opportunity to understand each o t h e r ’s problems and develop a spirit of cooperation in solving them. This has made it possible for us to move much more effectively toward establishing an unchallangeable basis of strength for our free w orld. ’’There have been encouraging signs in the past year that many countries are determined to face their difficult financial problems in a realistic manner. Without sound finance, there cannot be sound economies, and without sound economies, there cannot be military security I am encouraged by the developments of the past year, and look forward to discussing the present situation with my friends and colleagues in Paris.” The meeting of the North Atlantic Council will be attended by the Foreign Ministers, Finance Ministers, and Ministers of Defense of the fourteen countries participating in the North Atlantic Treaty Organization. oOo 3 a nd e n e r g y that hav e m a r k e d t h eir p a r t i c i p a t i o n in this v i t a l p h a s e of A m e r i c a ’s e c o n o m i c life t h r o u g h o u t my tenure as S e c r e t a r y of the T r e a s u r y . ” M e m b e r s of the M a g a z i n e P u b l i s h e r s ’ A d v e r t i s i n g Committee Time, O/eCs. in a d d i t i o n to C h a i r m a n B o w e n «aed B e r n a r d Barnes, Inc.; F r a n k B r a u cher, Association, Publisher, N e w York; P r e s ident, Periodical Publishers J o h n R. Buckley, Good Housekeeping, N e w York; Vice P r e s i d e n t and A d v e r t i s i n g D i r e ctor, York; M a l c o l m Del a c o r t e , A r t h u r W. Kohler, Director, the C u r t i s P u b l i s h i n g Co., Schaefer, A l b e r t E. Winger, Inc., Vic e P r e s i d e n t and A d v e r t i s i n g Philadelphia, Conde Nast Publications, N e w York; Pa.; N e w York; Inc., N e w C h a i r m a n of the Board, C o l l i e r P u b l i s h i n g Company, N e w York. M c C a l l ’s, N e w M e r e d i t h P u b l i s h i n g Company, C h e s t e r V a n Tassel, York; W i l l i a m B. Carr, D e l l P u b l i s h i n g Company, N e w York; 0. G. Vice P r e s i d e n t and the C r o w e 1 1 - Arch Crawford rnimt nnt ItHr "I w a n t to e x p r e s s to you, and t h r o u g h y o u to the e n t i r e m e m b e r s h i p of the A d v e r t i s i n g C o m m i t t e e of the M a g a z i n e P u b l i s h e r s * A s s o c i a t i o n , my w a r m a p p r e c i a t i o n of the s p l e n d i d p u b l i c s p i r i t so m a n i fest in the C o m m i t t e e ' s p l e d g e of c o n t i n u e d s u p p o r t f or the U n i t e d S t a t e s S a v i n g s B o n d s Program. "The a s s u r a n c e s c o n t a i n e d in you r r e cent letter a d v i s i n g me of the C o m m i t t e e * s a c t i o n c e r t a i n l y are stim u l a t i n g . I m u s t s a y ? however, that a f t e r r m a n y y e a r s of c l o s e a s s o c i a t i o n w i t h ^ y o u r grou p ^ I c a rry r i ^ ? ^ * w î t Î ? ^ ^ ^ S ^ ? s e î S n g t h e i d e a of thri f t to the A m e r i c a n people. "The n a t i o n a l m a g a z i n e s f o r w h i c h the C o m m i t t e e s s p e a k s d e s e r v e the h i g h e s t p r a i s e for t h eir fine r e c o r d of p u b l i c s e r v i c e as t h rift a d v o c a t e s ? and for their v e r d i c t as e x p r e s s e d t h r o u g h y o u r C o m m i t t e e that •We mus t not let down.* \ "I d e e p l y a p p r e c i a t e the p e r s o n a l r e f e r e n c e s in \ the r e s o l u t i o n a d o p t e d by the C o m m ittee. The m o s t \ g e n e r o u s c o m p l i m e n t that c o u l d be p a i d to me a nd to I the Treasury, however, is im p l i c i t in the w o r d that 1 the X a 't i o n a l M a g a z i n e s i n tend to d e v o t e to the S a v i n g s B o n d s P r o g r a m in the f u t u r e the s ame zea l The enclosure to which Mr. Bowen referred — a le tte r which he had sent to fellow members of the Magazine Publishers publishers to reaffirm their b e lie f in the idea of t h r if t , and said that "We must not le t down.“ o -S— /yd cy^ S ^ ? >2 T he A d v e r t i s i n g C o m m i t t e e of the M a g a z i n e P u b l i s h e r s * A s s o c i a t i o n h as n o t i f i e d S e c r e t a r y S n y d e r that the Association will continue during 1953 its s t a u n c h s u p p o r t of the U n i t e d S t a t e s S a v i n g s B o n d s Program. R e n e w a l of the p l e d g e m e a n s that for the e i g h t h s u c c e s s i v e y e a r n a t i o n a l m a g a z i n e s w i l l b a c k the B o n d P r o g r a m as t h e i r e x c l u s i v e p u b l i c s e r v i c e u n d e r t a k i n g . T h i s s u p p o r t h a s r e s u l t e d in an a v e r a g e of m o r e t h a n $ 1 2 m i l l i o n p e r y e a r of S a v i n g s B o n d s a d v e r t i s i n g at n o cost to the Treasury. T he p l e d g e w a s c o m m u n i c a t e d to the S e c r e t a r y by R a y m o n d B. Bowen, A d v e r t i s i n g D i r e c t o r of Th e N e w Y o r k e r m a g a z i n e and C h a i r m a n of the A d v e r t i s i n g C o m m i t t e e of the M a g a z i n e P u b l i s h e r s * Association. He wrote: "At a m e e t i n g of the A d v e r t i s i n g C o m m i t t e e of the M a g a z i n e P u b l i s h e r s * A s s o c i a t i o n , a r e s o l u t i o n w a s p a s s e d e x p r e s s i n g thanks and a p p r e c i a t i o n f r o m the e n t i r e C o m m i t t e e to y ou p e r s o n a l l y f or y o u r e f f o r t s in b e h a l f of the w e l fare of the p e o p l e of A m e rica. We h a v e c o n s i d e r e d it a p r i v i l e g e to be a s s o c i a t e d w i t h y o u d u r i n g the p a s t s e v e r a l years, and w e w i s h y ou w e l l in all of y o u r f u t u r e life. I "At the same meeting, we d e c i d e d to c o n tinue the c o o p e r a t i v e e f f o r t s of all n a t i o n a l m a g a z i n e s w i t h the T r e a s u r y D e p a r t m e n t in the p r o m o t i o n of the sale of U n i t e d S t a t e s S a v i n g s Bonds. As a m a t t e r of interest, I a m e n c l o s i n g a copy of a letter w h i c h I sent to all m e m b e r s a s h o r t time ago. S c o r e s of r e p l i e s to this letter h a v e a l r e a d y b e e n r e c e i v e d and a ll a n s w e r h a v e p l e d g e d c o n t i n u i n g s u p p o r t to the campaign. T h i s h as b e e n a g r e a t p r o j e c t of b e n e f i t to the w h o l e country, a nd we hop e it w i l l c o n t i n u e for m a n y y e a r s to c o m e . " / TR EA SU R Y D EPARTM EN T Information Service RELEASE SUNDAY NEWSPAPERS December 14, 1952_______ _ Wa s h in g t o n , S-3267 The Advertising Committee of the Magazine Publishers’ Association has notified Secretary Snyder that the Association will continue during 1953 its staunch support of the United States Savings Bonds Program. Renewal of the pledge means that for the eighth successive year national magazines will back the Bond Program as their exclusive public service undertaking. This support has resulted in an average of more than $12 million per year of Savings Bonds advertising at no cost to the Treasury. The pledge was communicated to the Secretary by Raymond B. Bowen, Advertising Director of The New Yorker magazine and Chairman of the Advertising Committee of the Magazine Publishers Association. He wrote: "At a meeting of the Advertising Committee of the Magazine Publishers’ Association, a resolution was passed expressing thanks and appreciation from the en tire Committee to you personally for your efforts in behalf of the welfare of the people of America. We have considered it a privilege to be associated with you during the past several years, and we wish you well in all of your future life. nAt the same meeting, we decided to continue the cooperative efforts of all national magazines with the Treasury Department in the promotion of the sale of United,States Savings Bonds. As a matter of interest, I am enclosing a copy of a letter which X sent to all members a short time ago. Scores of replies to this letter have already been received and all answers have pledged continuing support to the campaign. This has been a great project of benefit to the whole country, and we hope it will continue for many years to come." The enclosure to which Mr, Bowen referred -- a letter which he had sent to fellow members of the Magazine Publishers’ Association called on the publishers to reaffirm their belief in the idea of thrift, and said that "We must not let down." 2 '648 Secretary Snyder has written Mr. Bowen as follows: ”1 want to express to you, and through you to the entire membership of the Advertising Committee of the Magazine Publishers * Association, my warm appreci ation of the splended public spirit so manifest in the Committee’s pledge of continued support for the United States Savings Bonds Program. "The assurances contained in your recent letter advising me of the Committee’s action certainly are stimulating, I must say, however, that after so many years of close association with your group, I was fully prepared for your decision to carry right on with the job of selling the idea of thrift to the American people. "The national magazines for which the Committee speaks deserve the highest praise for their fine record of public service as thrift advocates, and for their verdict as expressed through your Committee that ’We must not let d own.1 "I deeply appreciate the personal references in the resolution adopted by the Committee. The most generous compliment that could be paid to me and to the Treasury, however, is implicit in the word that the national magazines intend to devote to the Savings Bonds Program in the future the same zeal and energy that have marked their participation in this vital phase of America’s economic life throughout my tenure as Secretary of the Treasury." Members of the Magazine Publishers’ Advertising Committee in addition to Chairman Bowen are Bernard Barnes, Time, Inc.,* Prank Braucheig President, Periodical Publishers Association, New York- John R. Buckley, Vice President and Publisher, Good Housekeeping, New York; William B. Carr, Vice President and Advertising Director, Mc C a l l ’s, New York; Malco-lm Delacorte, Dell Publishing Company, Inc., New York; Arthur W. Kohler, Vice President and Advertising Director, the Curtis Publishing Co., Philadelphia, Pa.; 0. G. Schaefer, Meredith Publishing Company, New York; Chester Van Tassel, Conde Nast Publications, Inc., New York; Albert E. Winger, Chairman of the Board, the CrowellCollier Publishing Company, New York; Arch Crawford, President, Magazine Publishers’ Association, Inc., New York. oOo TREASU RY DEPARTM ENT Information Service WASHINGTON, 649 IMMEDIATE RELEASE Friday, December 12, 1952 S-3268 The Treasury Department today made public a report of monetary gold transactions with foreign governments and central banks for the third quarter of 1952. U.S. gold sales of $,2.2 million and gold purchases of f.9 million brought to $1.3 million the net sale for the third quarter. In the first three quarters of this year United,States gold transactions resulted in a net purchase of $662 million. A table showing net transactions by country for the first three quarters of 1952 and calendar 1951 is attached. DOTTED STATES GOLD TRANSACTIONS WITH FOREIGN COUNTRIES January 1, 1952 - September 30, 1952, and Calendar 1951 _______ (in millions of dollars at |35 per ounce)_______ B50 Negative figures repre sent net sales by the United Statesj positive figures, net purchases.# Country 3rd Quarter 1952 Afghanistan .... Argentina ..... Belgium ....... Belgian Congo .. Bolivia ....... Canada ........ Chile .......... Colombia ....... C u b a .......... Denmark ........ Dominican Republic ..... Ecuador ........ Egypt .......... Fiji Islands ... Finland ........ France ........ Greece ........ Indonesia ..... Lebanon ........ Mexico .......... Netherlands .•.. P e r u ............ Philippines .... Portugal ....... Salvador ....... Saudi Arabia ... Sweden ....... .. Switzerland .... Switz er1and-Bank for International Settlements S y r i a ....... . ......... South Africa ... United Kingdom . Uruguay ......... Vatican City ... «••• ••••• Venezuela ...... All Other ...... Total * 2nd Quarter # 1952 — — — — — — -&2.0 .3 — -|6,9 — — 1.6 -5.2 — — — — — — — — — — : — — — — — 1st Quarter # 1952 -$1*9.9 -10.3* -8.0 — — -10.0 -p-17.5 — — — — — — — — — — -12.3 — — — -1.3 101.1*. -1.1 11.3 — — -— — -li.o — — — — — — — .3 -- — 2.3 -- 7.2 — — — — — s — 22.5 -1.5 -.1 — — — — — — -$1.3 — — .h .h — 105* 7 awmm -$2.5 -20,2 — — -- Calendar 1951 — k.3 520.0 10.0 -—— -U.8«17.5 -20.0 -19.7 -8.0 -3.5 -76.0 3.6 -it.8 -20.0# -10.3 -lt5.o -5.1* -60.3# -1**5 -i5.o 3.5 -3lt. 9 -3.0 -.8 -32.0 -15.0 -30 .it* -6.3 62.1 U69.9* 22.2# 5.0 -.9 -.2 .1 1557.3 $75.2 * The figures shown for each country for the three quarters of 1952 are both gross and net. In other words, each individual country engaging in gold transactions with the U.S, either bought gold from the U.S. or sold gold to it but did not do both. The country figures for 1951 are also both gross and net except that for the countries marked with an asterisk, the 1951 figures are the net of their sale and ourchase transactions with the U.S. during the whole year. / RELEASE MOSHIHG HMSPAPSES, Tuesday» December 16f 1952« 3 * f y V the Secretary of the Treasury announced last evening that the tenders for $1* 200* 000,000* or thereabouts, of 91-day treasury bills to be dated December 18, 1952, and to mature March 19, 1953# which were offered on December 11, were opened at the Federal Reserve Banks on December 15« the details of this issue are as follows! Total applied for - $1,713,330,000 total accepted - 1,200,217,000 Average price (includes $2^0,9^0,000 entered on a non-competitive basis and accepted in full at the average price shown below) - 99.1*60 Equivalent rate of discount approx. 2.138$ per annua Range of accepted competitive bidet - 99.555 Equivalent rate of discount approx. 1.760$ per annum - 99.1*50 * « « « » 2.176$ » * High low (1*1 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for total Accepted Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St, Louis Minneapolis Kansas City Dallas San Francisco i | TOTAL i . a. 3 . 18,366,000 1,233,831», 000 35,988,000 37,576,000 22,033,000 31»,636,000 ll»2,063,000 36,120,000 15,qi5,ooo 1*6,701», ooo 1*3,188,000 67,807,000 11,713,330,000 18,366,000 71*1,331»,000 20,988,000 37,576,000 21,738,000 31»,636,000 117,063,000 35,861,000 15,015,000 l»6,70lt,000 1)3,129,000 67,807,000 11,200,217,000 TREASU RY DEPARTM ENT Information Service WASHINGTON, D .C . RELEASE M O R N I N G NEWS P A P E R S , S -3269 Tuesday, December 3.6, 1952. 652 The Secretary of the Treasury announced last evening that the tenders for $1,200,000,000, or thereabouts, of 91-day Treasury bills to be dated December 18, 1952* and to mature March 19* 1953* which were offered on December 11, were opened at the Federal Reserve Banks on December 15. The details of this issue are as follows: Total applied for - $1,713*330*000 Total accepted - 1,200,217,000 (includes $240,940,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99*460 Equivalent rate of discount approx. 2.138$ per annum Range of accepted competitive bids: - 99.555 Equivalent rate 1 .760$ - 99.450 Equivalent rate 2 .176$ L ow of discount approx. per annum of discount approx. per annum (4l percent of the amount bid for at the low pric e wa s accepted) Federal Reserve District Total Applied for 35,938,000 37,576,000 22 ,033*000 34,636,000 ■142,063,000 36,120,000 15 ,015*000 46,704,000 43*188,000 67 ,807,000 $1 ,713 ,330,000 1—I à* 18 ,366,000 741,334,000 20,988,000 37,576,000 21,738,000 34,636,000 117*063,000 35 *861,000 15*015*000 46,704,000 43 *129*000 67 *807*000 *200*217*000 $ TOTAL 18,366,000 1 ,213 ,834,000 1 1 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Accepted 0O0 9 TR EA SU R Y D EPARTM EN T Information Service j i - 'n . 'i" RELEASE MORNING NEWSPAPERS, Wednesday., 'November 19», 19b2 /7 During the month of Ootobcr-, 1952 market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of Pib, 54-3,5'00, Secretary Snyder announced today. oOo TR EA SU R Y D EPARTM EN T Information Service Wa s h in g t o n , d .c . RELEASE MORNING NEWSPAPERS, Wednesday, December 17* 1 9 5 2 . During the month of November, S-3270 1952 market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of » $11,696,750, Secretary Snyder announced today. 0O0 _ j a - 7 y The¿Treasury Department published in the Federal Register for September 5, 1952, a notice that it proposed to issue regulations re quiring information returns with respect to payments of interest amounting to $100 or more for the year 1953 and subsequent years* The present regulations require such information returns for payments of interest amounting to $600 or more. Pursuant to the Administra tive Procedure Act, numerous interested persons submitted protests with respect to the proposed revision*^Secretary of the Treaisury John W* Snyder announced today that, after consideration of all relevant matter presented by interested persons, a more detailed study should be made of the information reporting requirement before any change is made. The notice of a proposed change in the regulations, as published in the Federal Register is, therefore, being withdrawn pending further study. Secretary Snyder stated that prior to the enactment of the Revenue Act of 1951 the $600 figure was prescribed by law. That Revenue Act gave the Treasury Department discretion to prescribe the amount which must be reported. In exercising that discretion, Secretaiy Snyder said that the Department is desirous of insuring full consideration of the results to the revenue from ary proposed change and the burden which would be imposed on persons making payments of interest. The Secretary stated that information submitted in response to the publi cation of the proposed regulation will be most helpful in making a further study of all the factors involved. TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C . 656 IMMEDIATE RELEASE, Tuesday, December 16, 1952. S-3271 The Treasury Department published in the Federal Register for September 5* 1952, a notice that it proposed to issue regulations requiring information returns with respect to p a y ments of interest amounting to $100 or more for the year 1953 and subsequent years. The present regulations require such information returns for payments of interest amounting to $600 or more. Pursuant to the Administrative Procedure Act, numerous interested persons submitted protests with respect to the proposed revision. Secretary of the Treasury John W. Snyder announced today that, after consideration of all relevant matter presented by interested persons, a more detailed study should be made of the information reporting requirement before any change is made. The notice of a proposed change in the regulations, as published in the Federal Register is, therefore, being wtihdrawn pending further study. Secretary Snyder stated that prior to the enactment of the Revenue Act of 1951 the $600 figure was prescribed by law. That Revenue Act gave the Treasury Department discretion to prescribe the amount which must be reported. In exercising that discretion, Secretary Snyder said that the Department is desirous of insuring full consideration of the results of the revenue from any proposed change and the burden which would be imposed on persons making payments of interest. The Secretary stated that information submitted in response to the publication of the proposed regulation will be most helpful in making a further study of all the factors involved. oOo - 3 - tm x subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority» For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest« Under Sections 1;2 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 19i|l, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. I|l8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. jjp&Lg- dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for |200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on December 26. 1952 » in cash or other immediately available --------TtT— --- — funds or in a like face amount of Treasury bills maturing Cash and exchange tenders will receive equal treatment. December 26. 1952 ~"15x Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto, The bills shall be TREASURY DEPARTMENT Washington y *"" J FOR RELEASE, MORNING NEWSPAPERS, Thursday, December 18, 1952 35c ^ 7 The Secretary of the Treasury, by this public notice, invites tenders fo r $1,200»000,000 , or thereabouts, of 90 cash and in exchange for Treasury bills maturing the amount of $ 1 ,200 ,14.32,000 -day Treasury bills, for December 26, 1952 , in ffic -----, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated March 26 terest. 1953 December 26, 1952 , and will mature s g r ---------, when the face amount will be payable without in- They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, December 22. 1952. --- — Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TR EA SU R Y D EPA RTM EN T Information Service WASHINGTON, D .C . 660 RELEASE MORNING NEWSPAPERS, Thursday, December 18, 1 9 5 2 . S-3272 The Secretary of the Treasury, by this public notice, invites tenders for $1,200*000,000, or thereabouts, of 90-day Treasury bills, for cash and in exchange for Treasury bills maturing December 26, 1952, in the amount of $1,200,432,000, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated December 26, 1952, and will mature March 26, 1953* when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500 ,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m. Eastern Standard time, Monday, December 22, 1952 lers will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not b used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action In any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price 2 (in throe decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on December 26 , 1952, in cash or other immediately available funds or in a like face amount of Treasury bills maturing December 26, 1952. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt, from all taxation now or hereaftex1 imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under5 Sections 42 and 11 J (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax i5eturn only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at ftaturlty during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 4l3, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. oOo 3 "Secretary Acheson has again ably lad the United States Dele gation and Secretary Lovett and Mr« Harr! man have given him their experienced and judicious assistance in the work of the Meeting« The Foreign Minister/ of Denmark, Mr« Kraft, chaired the meetings with courtesy and skill« "The Ministers have been honored by the gracious reception ac corded to them by the French Government and the people of Trance«* Dictated via long-distance telephone (Paris) by Judd Polk to E# Hepner December 18, 1952. 2 realistic manner« On the basis of this review, military, financial, and economic decisions and forward planning can be undertaken» In the Council's considerations the United States Delegation made clear the limits of the programs which have been authorized by the United States Congress» It has been careful to emphasize that no commit ments of a financial character outside these limits could be taken« "" "Beal progrèss has been made in the past two years toward build« ing a solid foundation for the defense of the West against aggression by military attack or by political subversion« A great deal, however, remains to be done« "There is much clearer recognition now than a year or so ago that the only way to reach our goal of unassailable Western security is to take one step at a time, starting from where we are and making sure that each step forward is onto solid ground» "Since the war the Western workthas moved forward by such solid forward steps» Broadly, the first forward steps were those which took the countries of the free world out of the devastation and misery of the early postwar years» That led to hope and mutual confidence in place of despaix^f and dangerous unrest« The next stage led us through a period of reconstruction to new high levels of production both in industry and in agriculture« The present period is one in which defense demands are being made on the productive resources and on the financial resources of all the NATO countries« "This record of progress in the recovery and expansion of the W è s t e m world since the end of the war gives us assurance that we will continue to move forward in strengthening our defenses« upon the adjournment of the Ministerial Meeting of the North Atlantic Council, which he has been attending« i 00f- _ i last Ministerial Meeting, the organization has been sub*« stantially strengthened as the result of carrying out the Lisbon deoision to establish ayPermanentCouncil in which highly competent and responsible representatives of all the member countries remain in con» tinuous session with Headquarters in Parls0 The American Delegation was impressed with the evidence it received of the excellent quality of the representation which Ambassador Draper has provided for the United States in the Permanent Council* It was also decided at Lisbon that a permanent staff be created to contribute to the efficient handling 0f the work which the organisation has to do* This staff has been organized and placed under the able direction of Lord Ismay* * Because of these improvements in organization the Ministers were able to focus on the broad problem: namely — assessing the present status of the defense program; exchanging appraisals of the current international situation from the military, political, and economic points of view; and providing broad guidance for the continuing task of reconciling the militarily desirable with the economically practi cable« "In this current meeting the Council # established lines of guidance for the completion of the Annual Review of national programs in the light of NATO objectives after taking account of political and economic considerations* While much preparatory work has already been carried out, the review by the Ministerial Meeting should facilitate the completion of this review in an orderly, comprehensive, and 6B IMMEDIATE RELEASE, Thursday, December lS, 1952. S-3273 Secretary Snyder made the following statement in Paris today, upon the adjournment of the Ministerial Meeting of the North Atlantic Council, which he has been attending: "Since the last Ministerial Meeting, the organization has been substantially strengthened as the result of carrying out the Lisbon decision to establish a permanent council in which highly competent and responsible representatives of all the member countries remain in continuous session with Headquarters in Paris. The American Delegation was impressed with the evidence it received of the excellent quality of the representation which Ambassador Draper has provided for the United States in the Permanent Council. It was also decided at Lisbon that a permanent staff be created to contribute to the efficient handling of the work which the organization has to do. This staff has been organized and placed under the able direction of Lord Ismay. "Because of these improvements in organization the Ministers were able to focus on the broad problem: namely — assessing the present status of the defense program; exchanging appraisals of the current international situation from the military, political, and economic points of view; and providing broad guidance for the continuing task of reconciling the militarily desirable with the economically practicable. "In this current meeting the Council established lines of guidance for the completion of the Annual Review of national programs in the light of NATO objectives after taking account of political and economic considerations. While much preparatory work has already been carried out, the review by the Ministerial Meeting should facilitate the completion of this review in an orderly, comprehensive, and realistic manner. On the basis of this review, military, financial, and economic decisions and forward planning can be undertaken. In the Council's considerations the United States Delegation made clear the limits of the programs which have been authorized by the United States Congress. It has been careful to emphasize that no commitments of a financial character outside these limits could be taken. 2 "Real progress has been made in the past two years^ toward building a solid foundation for the defense of the West against aggression by military attack or by political subversion. A great deal, however, remains to be done. "There is much clearer recognition now than a year or so ago that the only way to reach our goal of unassailable Western security is to take one step at a time, starting from where we are and making sure that each step forward is onto solid ground. "Since the war the Western world has moved forward^by such solid forward steps. Broadly, the first forward steps were those which took the countries of the free world out of the devastation and misery of the early postwar years. That led to hope and mutual confidence in place of despair and dangerous unrest. The next stage led us through a^ period of reconstruction to new high levels of production both in industry and in agriculture. The present period is one in which defense demands are being made on the 1 productive resources and on the financial resources or the NATO countries. "This record of progress in the recovery and expansion of the Western world since the end of the war gives us assurance that we will continue to move forward in strengthening our defenses. "Secretary Acheson has again ably led the United Delegation and Secretary Lovett and Mr. Harriman have him their experienced and judicious assistance in the of the Meeting. The Foreign Minister of Denmark, Mr. chaired the meeting with courtesy and skill. States given work Kraft, "The Ministers have been honored by the gracious reception accorded to them by the French Government and the people of France.V 0 O0 ■ Ay /% /?<» *- S - J - O - 'i j!ropQ5iu|t^^ Fran k Dow, C om m issioner o f C ustom s, to d a y announced r e g u la t io n s ch an gin g methods h it h e r t o fo llo w e d in d e te rm in in g th e " c le a n c o n te n t" o f im p o rted wool and h a i r , th e b a s i s upon which d u t ie s on th e se com m o d itie s a r e a s s e s s e d . The new procedures are effective immediately. Their purpose is to bring Customs practices into line with recent court decisions hold ing that the term, "clean content," as employed in the Tariff Act of 1930* was intended by Congress to mean "commercial yield" of imported wool, that is taking into account the loss of fibers through com mercially applied cleaning processes as well as the weight of grease and foreign material present. The new procedures set up,by formula, allowances to cover esti mated fiber losses in processing various types of wool and hair. As finally issued, they also provide that importers may elect to submit proof of actual, irrecoverable losses of wool and hair fibers resulting from commercial cleaning operations, in lieu of the Customs estimate by formula. While the new regulations are of general application, their greatest impact will be on the assessment of duties on burry wools, those containing a large amount of vegetable matter and requiring additional cleaning operations. The Bureau of-Customs gave notice on September 9> 1952, by publica tion in the Federal Register, that it had under consideration changes in the practices followed in determining clean content of wool and hair importations. Mr. Dow said the regulations issued today were drafted after careful consideration of representations made by various trade interests. Text of the new regulations, identified as Treasury Decision 53159, appear in the Federal Register of Friday, December 19 , 1952. TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C. 667 IMMEDIATE RELEASE, Friday, December 19* 1952. S-327^ Frank Dow, Commissioner of Customs, today announced regulations changing methods hitherto followed in determining the "clean content" of imported wool and hair, the basis upon which duties on these commodities are assessed. The new procedures are effective immediately. Their purpose is to bring Customs practices into line with recent court decisions holding that the term, "clean content," as employed in the Tariff Act of 1930, was intended by Congress to mean "commercial yield" of imported wool, that is taking into account the loss of fibers through commercially applied cleaning processes as well as the weight of grease and foreign material present. The new procedures set up, by formula, allowances to cover estimated fiber losses in processing various types of wool and hair. As finally issued, they also provide that importers may elect to submit proof of actual, irrecoverable losses of wool and hair fibers resulting from commercial cleaning operations, in lieu of the Customs estimate by formula. While the new regulations are of general application, their greatest impact will be on the assessment of duties on burry wools, those containing a large amount of vegetable matter and requiring additional cleaning operations. The Bureau of Customs gave notice on September 9* 1952, by publication in the Federal Register, that it had under consid eration changes in the practices followed in determining clean content of wool and hair importations. Mr, Dow said the regulations issued today were drafted after careful consideration of representations made by various trade interests. Text of the new regulations, identified as Treasury Decision 53159* appear in the Federal Register of Friday, December 19* 1952. oOo w am m m Tuesday, D&ee&ber 23« 19$2» of Ä fh » $1*200,000,000» o r tre asu ry snnounesd l a s t sYsntng th at tb s l « i i i ? l f a r n w m *J m & *s and to satu ro i M s 26» 1 Ä Federal fissa r *» H ä on o f 90-day treasu ry M Ä to to» dated B tessb er 26, 19$, «Ä k « d ssä st |¡fdetails of ltd.» issu» @ m o ffe re d on Be©«a¡3*r Ü f ware opened a t ih» 22, m fonassi total applied for - fl»?7h*9$2#OO0 t o t a l assepfeed * Average m P **® * 1,200,112,000 $222,296,000 sn isre d oa a iK avooopotltlvo b a s is and asospted in f u l l a t tlis av aras» ir l o s É H balo») ^ * U t l Equivalant r a t * o f diaeou at ap p ro *. 2*2261 por asaro* äanss o f aeosptsd ( ix m t e é # * tèda» 22*b2$ feutraient rats of dissonai appro*. 2*00^ per m s m Hl# to* $9+k¡$ (27 p m m sk * « » * **. f.2ip • » o f tbs asDunt b id fo r a t tb s lo s ir l o s was aoosptsd) total Foderai Basarle to ta l AOOapted o la tr lo t § Boston Se* B Ä ■ M . j i O 1,212,620,000 30 .891.000 Hiiladslphla Cleveland Richmond A tlan ta Ä Ä fö e » 67?. 130,000 25,71(1,000 62.500.000 62,500,000 19,11(8,000 19,373,030 19,11(0,000 19,373,000 123,61(3,000 178.6li3.OQO flhl&aga at« t o l a i ijjff. n r r a a j r M i l l m 66,930,000 «,31(9,0» Kansas City pfti&gg sut fmm&m1 ® «,930,000 «,31(9,000 X T0S/UU |l»77l(*952,000 000 $1,200,112,000 GG9 RELEASE M O R N I N G N E W S PAPERS, Tuesday, December 235 1952. S-3275 The Secretary of the Treasury announced last evening that the tenders for $1,200,000,000, or thereabouts, of 90-day Treasury bills to be dated December 26, 1952, and to mature March 26, 1953; which were offered on December 18, viere opened at the Federal Reserve Banks on December 22. The details of this issue are as follows: Total applied for - $1;774,952,000 1,200,112,000 (includes $222,996,000 Total accepted entered on a non-competitive basis and accepted in full at the average price shown below) Average price 99.443 Equivalent rate of discount approx. 2 .228 $ per annum Range of accepted competitive bids: 99*498 Equivalent rate of discount approx, 2 .008 $ per annum 99.433 Equivalent rate of discount approx, High Low 2 .2 6 8 $ per annum (97 percent of the amount bid for at the low price was accepted) Total Applied for Federal Reserve District 30,891,000 24,221,000 699,130,0,00 25.741.000 62 ,500,000 62.500.000 19.148.000 19,373;000 178,643,000 35;575 ;000 14.647.000 66 .930.000 45.349.000 19.148.000 19.373.000 123,643,000 35.575.000 14.647.000 64.855.000 64.855.000 $1,774,952,00Ç $1,200,112,000 $ Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 24,421,000 1 ,212 ,620,000 TOTAL Total ____ Accepted $ 65,930,-eoo 45.349.000 - 3 - m m subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter Imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 1|2 and 11? (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 19lfL, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. Ifl8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. - 2 - m m dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on January 2. 19B3 s in cash or other immediately available funds or in a like face amount of Treasury bills maturing Cash and exchange tenders will receive equal treatment. January 2. 19£3 Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be » K X K m m m m TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Wednesday, December 2b3 1952 * J - 3 2— 1 i m r The Secretary of the Treasury, by this public notice, invites tenders $ 1,200,000,000 , or thereabouts, of 90 cash and in exchange for Treasury bills maturing the amount of $1,199,990*000 -day Treasury bills, for januarv 2. 1951 » to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated , in January 2, 1953 The bills , and will mature when the face amount will be payable without in terest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday. December 29, 1952. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TREASURY DEPARTMENT Information Service WASHINGTON, D .C. 673 RELEASE MORNING NEWSPAPERS, Wednesday, December 2 4 , 1 9 5 2 . S-3276 The Secretary of the Treasury, by this public notice, invites tenders for . $ 1 , 2 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 90-day Treasury bills, for cash and in exchange for Treasury bills maturing January 2 , 1953^ in the amount of $1,199,990,000, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated January 2 , 1953/ and will mature April 2 , 1953, when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $5 0 0 ,0 0 0 , and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o*clock p.m., Eastern Standard time, Monday, December 29, 1952. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99*925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received Without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for 2 accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on January 2* 1953 s in^cash or other immediately available funds or in a like face amount of Treasury bills maturing January 2* 1953. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills* whether interest or gain from the sale or other disposition of the bills* shall not have any exemption* as such* and loss from the sale or other.: disposition of Treasury bills shall not have any special treatment* as such* under the Internal Revenue Code* or laws amendatory, or supplementary thereto. The bills shall be subject to estate* inheritance* g'ff'b or other excise taxes* whether Federal or State* but shall be exempt from all taxation now or hereafter imposed.on the principal or interest thereof by any State* or any of the. possessions of the United States* or by any l o c a l .taxing authority, For -purposes of taxation the amount of discount at' which.Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (l) of the Internal •Revenue Code* as amended by Section 115 of the Revenue Act. of 1941* the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills «shall be sold* redeemed or otherwise disposed of* and such bills are. excluded from consideration as capital assets. Accordingly* theoowner of Treasury bills (other than life insurance companies) Issued hereunder need include in his income tax return only the difference between the price!paid for such bills* whether on original issue or on subsequent purchase* and the amount actually received either upon sale-or redemption at maturity during the taxable year for which the return is made* as .ordinary gain or loss. Treasury Department Circular No. 4l8* as amended* and this notice* prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. oOo PRESS RELEASE The Treasury Department today announced the incorporation into the Foreign Assets Control Regulations of lists of merchandise in connection with the importation of which Foreign Assets Control licenses have, for some time, been required* A few changes have also been made in the lists* Previously the Regulations specified that licenses were required in connection with goods of Communist Chinese or North Korean origin but lists of specific merchandise affected by the licensing require ment were not set forth in the Regulations* The lists were dis seminated through Bureau of Customs Circular Letters which, in addition to their ordinaiy circulation, were sent directly by the Foreign Assets Control to importers, banks, trade associations and other interested persons and organizations* The import restrictions are a part of the Foreign Assets Control program for prohibiting trade and financial transactions with Communist China and North Korea* One of the major aspects of the program is to prevent those countries from obtaining foreign exchange through the sale of their products to this country directly or in directly* The Treasury Department *s original action in listing specific types of merchandise in connection with which import licenses are required was taken after observing that typically Chinese goods were beginning to enter the United States in significant volume under false descriptions of country pf origin* The amendment was effected by the addition of sections $00,204, 500*$36, $00*$37 and $00*$38, and by the revision of section $00*808 of the Regulations* TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C. B75 IMMEDIATE RELEASE, Wednesday, December 24, 19 5 2 . S -3277 The Treasury Department today announced the incorporation into the Foreign Assets Control Regulations of lists of merchandise in connection with the importation of which Foreign Assets Control licenses have* for some time, been required. A few changes have also been made in the lists. Previously the Regulations specified that licenses were required in connection with goods of Communist Chinese or North Korean origin but lists of specific merchandise affected by the licensing requirement were not set forth in the Regulations. The lists were disseminated through Bureau of Customs Circular Letters which, in addition to their ordinary circulation, were sent directly by the Foreign Assets Control to importers, banks, trade associations and other interested persons and organizations. The import restrictions are a part of the Foreign Assets Control program for prohibiting trade and financial transactions with Communist China and North Korea. One of the major aspects of the program is to prevent those countries from obtaining foreign exchange through the sale of their products to this country directly or indirectly. The Treasury Department *s original action in listing specific types of merchandise in connection with which import licenses are required was taken after observing that typically Chinese goods were beginning to enter the United States in significant volume under false descriptions of country of origin. The amendment was effected by the addition of sections 500.204,500.536, 500.537 and 500.538, and by the revision of section 500.808 of the Regulations. 0O0 5 - 3 I M j’ L é t * i// ¡¿Û^â^pS^AA./<£Cf / i u s 7 7^ « M S e c r e t a r y of t h e T r e asury/^announced/today the ame n d m e n t of r e g u l a t i o n s of t h e T r e a s u r y D e p a r t m e n t reflating to the enrollment and d i s b a r m e n t of p r a c t i t i o n e r s / b y consol idat i^ry in one o f f icer the f u n c t i o n s h e r e t o f o r e c a r r i e d out separately by the C o m m i t t e e on P r a c t i c e and the A t t o r n e y for the G o v e r n m e n t , T h e officer w i l l be k n o w n as the D i r e c t o r of Practice, T h i s a m e ndment will c a r r y out the r e c o m m e n d a t i o n m a d e by the King S u b c o m m i t t e e in its report r e l e a s e d to» 4 s foilows; f,T h e S u b c o m m i t t e e r e c o m m e n d s that the T r e a s u r y / D e p a r t m e n t end t h i s d i v i s i o n of r e s p o n s i b i l i t y and a u t h o r i t y for a d m i n i s t r a t i o n of the p r a c t i t i o n e r program. The S e c r e t a r y s h ould d e s i g n a t e one full time offic i a l of the T r e a s u r y w h o s e job it w o u l d be to e s t a b l i s h the q u a l i f i c a t i o n s for e n r o l l m e n t and to m a k e sure that all p r a c t i t i o n e r s meet such r e q u i r e ments, b o t h at the t i m e of e n r o llment a nd t h e r e a f t e r . ” The amendment w i l l be p u b l i s h e d in the Federal R e g i ster, T he staff of the D i r e c t o r of P r a c t i c e to assist h i m to control e n r o l l m e n t and e n f o r c e d i s c i p l i n a r y a c t i o n w i l l be a u g m e n t e d w i t h i n the limits of a v a i l a b l e a p p r o p r i a t i o n s . T h e T r e a s u r y D e p a r t m e n t w i l l r e c o m m e n d to the C o n g r e s s the grant of additional legi s l a t i v e a u t h o r i t y n e c e s s a r y to d i s c h a r g e m o r e e f f e c t i v e l y the f u n c t i o n s of t h e D i r e c t o r of Practice. A n e x a m p l e is the present lack of s u b p o e n a power to compel the a t t e n d a n c e of w i t n e s s e s to t e s t i f y in disbarment p r o c e e d i n g s and the lack of a u t h o r i t y to p a y travel e x p e n s e s to such w i t n e s s e s . F u r ther a m e n d m e n t of the r e g u l a t i o n s governing p r a c t i c e before the T r e a s u r y D e p a r t m e n t is in process. T h e other r e c o m m e n d a t i o n s and sugg e s t i o n s of the King Jgunmrffr'Cfre w il l be c o n s i d e r e d in c o n n e c t i o n w i t h these f u r t h e r ' p r o p o s e d amendments. / TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, 677 RELEASE MORNING NEWSPAPERS F r id a y , December 26, 19£2 S-3278 S e c r e t a r y o f th e T re a su r y John W. Snyder announced to d a y th e amend ment o f r e g u l a t i o n s o f th e T re a su ry Departm ent r e l a t i n g to th e e n ro llm e n t and d isb arm en t o f p r a c t i t i o n e r s b e fo r e th e T r e a s u r y , by c o n s o lid a t in g in one o f f i c e r th e fu n c tio n s h e r e to fo r e c a r r i e d o u t s e p a r a t e l y by the Committee on P r a c t i c e and th e A tto rn e y f o r th e Governm ent. The o f f i c e r w i l l be known a s th e D ir e c t o r o f P r a c t i c e . T h is amendment w i l l c a r r y o u t th e recom m endation made by th e King Subcom m ittee in i t s r e p o r t r e l e a s e d F r id a y , a s f o ll o w s : nThe Subcom m ittee recommends t h a t th e T re a su ry Departm ent end t h i s d i v i s i o n o f r e s p o n s i b i l i t y and a u t h o r it y f o r a d m in is tration o f th e p r a c t i t i o n e r program . The S e c r e t a r y sh o u ld d e s ig n a t e one f u l l tim e o f f i c i a l o f th e T re a su r y whose jo b i t would be to e s t a b l i s h th e q u a l i f i c a t i o n s f o r en ro llm e n t and to make su r e t h a t a l l p r a c t i t i o n e r s meet su ch r e q u ir e m e n ts, bo th a t th e tim e o f en ro llm e n t and t h e r e a f t e r « ” The amendment w i l l be p u b lis h e d in th e F e d e r a l R e g i s t e r * The s t a f f o f th e D ir e c t o r o f P r a c t i c e to a s s i s t him to c o n t r o l e n ro llm en t and e n fo rc e d i s c i p l i n a r y a c t i o n w i l l be augm ented w ith in th e lim it s o f a v a ila b le a p p r o p ria tio n s. The T re a su ry Departm ent w i l l recommend t o th e C o n g ress the g r a n t o f a d d i t i o n a l l e g i s l a t i v e a u t h o r it y n e c e s s a r y to d is c h a r g e more e f f e c t i v e l y th e fu n c tio n s o f th e D ir e c to r o f P r a c t ic e « An exam ple i s th e p r e s e n t la c k o f subpoena power to compel th e a tte n d a n c e o f w itn e s s e s t o t e s t i f y in d isb arm en t p ro c e e d in g s and th e l a c k o f a u t h o r it y to pay t r a v e l e x p e n se s to such w it n e s s e s . F u rth e r amendment o f th e r e g u l a t i o n s g o v e rn in g p r a c t i c e b e fo r e th e T re asu ry D epartm ent i s in p r o c e s s . The o th e r recom m endations and su g g e s t io n s o f th e King Subcom m ittee w i l l be c o n s id e r e d in c o n n e c tio n w ith th e se f u r t h e r p ro p o se d amendments® oOo beiease; morning newspa p e r s , 3 / 7 Tuesday, December 30, 1952» The secretary of the Treasury announced, last evening that the tenders for $1,200,000, (XX), or thereabouts, of 90-day Treasury bills to be dated January 2 and to mature April 2, 1953, idiieh were offered on December 2k, were opened at the Federal Re serve Banks on December 29* The details of this Issue are as felloes* Total applied for - $2,098,195,000 Total accepted * 1,200,662,000 Averago price (includes $209,305,000 entered on a non-competitive basis and accepted in full at the average price sheen below) - 99*k$2/ Equivalent rate of discount approx. 2*193$ per annua Range of accepted competitive bids* High bow (Accepting two tenders totalling $500,000) - 99*3*63 Equivalent rate of discount 2,12|d$ per annum - 9?*Ui? * * * « 2*212$ • * (22 percent of the amount bid for at the low price was accepted) Federal Reserve District Total A l l i e d for Total Accepted Boston New fork Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco t t TOTAL 22,867,000 If i W h 699*000 33,372,000 31*.1*86,000 19,54*0,000 23,61*9,000 523,327,000 59,127,000 9,718,000 52,510,000 32,1*65,000 112,0 35,0 0 0 12,098,195,000 19.U7.000 558,371*, ooo 15,772,000 28,91*6,000 18,550,000 16,799,000 31%,1*57,000 1*3,1*07,000 9,368,000 37,680,000 21*,525,000 33,667,000 $1,200,662,000 679 RELEASE MORNING NEWSPAPERS, Tuesday, December 30, 1 9 5 2 . S-3279 The Secretary of the Treasury announced last evening that the tenders for $1,200,000,000, or thereabouts, of 90-day Treasury bills to be dated January 2 and to mature April 2, 1953, which were offered on December 24, were opened at the Federal Reserve Banks on December 29. The details of this issue are as follows; Total applied for - $ 2 , 0 9 8 , 1 9 5 , 0 0 0 Total accepted 1 ,200,662,000 (includes $ 209,365,000 entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99.452/ Equivalent rate of discount approx. 2 .191 % per annum Range of accepted competitive bids: High (Excepting two tenders totalling $500,000) - 99.463 Equivalent rate of discount 2.148%’ per1 annum - 99.447 Equivalent rate of discount 2.212% per annum Low (22 percent of the amount bid for at the low price was' accepted Federal Reserve District Total Applied for $ 0O0 19 ,117,000 558 ,374,000 1 5 ,772,000 28,946 ,000 18,550,000 16 ,799,000 394,457,000 43,407,000 O O $2,098,195,000 $ O TOTAL 22,867,000 1,244,699,000 33,372,000 34,486,000 19 ,940,000 23,649,000 523,327,000 59,127,000 9,718,000 52 ,510,000 32,465,000 42,035,000 CO 00 cn Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Accepted 37 ,680,000 24,525,000 33 ,667,000 $1 ,200,662,000 - 3 XW M C subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 1|2 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 19iil, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. I4I 8 , as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. - 2 - m m dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on TTa^nflrv 8, 1 9 ^ > in cash or other immediately available Ja n u a r y 8 . 1 9 ^ funds or in a like face amount of Treasury bills maturing Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived, from Treasury bills, whether interest or gain frq$ the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be » m x K c m TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Wednesday, December 31, 1952 ' The Secretary of the Treasury, by this public notice, invites tenders fcr ^-1^00^000*000 j or thereabouts, of 91 -day Treasury bills, for :ÌXX, * ''V.,r• * > cash and in exchange for Treasury bills maturing January 8« 1953 , in the amount of $ l.liOO,115.000 » to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. of this series will be dated The bills January^ 8^ 1953______ , and will mature ¿¿Sty 9 terest. * 1953 j when the face amount will be payable without in They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000,' and $1,000,000 (maturity value), Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, January 5, 1953. * m Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925* Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized RELEASE M O R N I N G NEWS P A P E R S , - Wednesday, December 31* 3-952. S-3280 The Secretary of the Treasury, by;- this public notice, invites tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills, for cash and in exchange for Treasury bills maturing January 8, 1953* in the amount of $1,400,115,000, to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated January 8, 1953> and will mature April 9* 1953* when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500 ,000 , and $1,000,000 (maturity value), Tenders will be received at Federal Reserve Banks and Branches up to the closing hour two o'clock p.rn., Eastern Standard time, Nonday, January 5* 1953» Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than . three decimals, e. g., 99.925, Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or ^ranches on application therefor’. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received Without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour’, tenders will be opened at the Federal Reserve Banks and Branches, following which public announce ment will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three 2 decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or compJ.ee a the Federal Reserve Bank on January 8, 1953, in cash or immediately available funds or in a like face amount of Treasury bills maturing January 8, 1953* Cash and exchange tenders will receive equal treatment. Cash adjustments will be made tor differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. other The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t e r e s t or g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the bills, shall not have a n y exemption, as such, a n d loss f r o m the sale or o t h e r d i s p o s i t i o n of T r e a s u r y b i l l s shall not hav e a n y special treatment, as such, u n d e r the I n t ernal R e v e n u e Code, or laws a m e n d a t o r y or s upplementary thereto. The b i l l s shall be s u b ject to estate, inheritance, gift or o t h e r excise taxes, w h e t h e r F e d e r a l or State, b ut shall be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r I m p o s e d o n the p r i n c i p a l or i n t e r e s t t h e r e o f b y a n y State, or a n y of the possession,:), of the U n i t e d States, or b y a n y local t a x i n g authority. F o r p u r p o s e s of t a x a t i o n the a m o u n t of d i s c o u n t at w h i c h T r e a s u r y b i l l s are o r i g i n a l l y sold b y the U n i t e d States shall be c o n s i d e r e d to ® interest. U n d e r S e c t i o n s 42 a nd 117 (a) (l) of the In t e r n a l Revenue Code, as a m e n d e d b y S e c t i o n 1 1 5 of t he R e v e n u e Act of 1 9 U , the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such^bills are e x c l u d e d f r o m consideration as capital assets. Accordingly, the o w n e r of T r e a s u r y bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, at and the amount actually received either upon .sale or redemption , as maturity during the taxable year for which the return is made . ordinary gain or loss. Treasury Department Circular No. 4l8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from-any Federal Reserve Bank or Branch. oOo A change in the method of production and $5 United States notes and $5 and $10 silver certificates, to standardize the physical appearance of United States paper money and, -when a new Secretary or a new Treasurer is appointed, to J expedite the issuance of notes carrying the new facsimile signatures, was approved by Secretary Snyder today. The $2 and $5 United States notes carry a red seal, and the $5 and $10 silvercertificates a blue seal. Heretofore, the plates used for printing these issues included the engraved facsimile signatures of the Secretary of the Treasury and the Treasurer of the United States. Whenever one of these officers was changed, it was necessary to re-engrave the plates with new signatures. Under the proposed change, facsimile signatures will be overprinted on the face of the notes simultaneously with the seal and serial number., making re-engraving unnecessary. This simplified method is already is use on $1 silver certificates of the series of 1935 and on green-seal Federal Reserve notes of all denominations of the series of 1950, which has resulted in savings at the Bureau of Engraving and Printing. The faces of the bills will be changed to conform to the 1935 series $1 silver certificates. The only noticeable changes in the appearance of the bills will be that the serial numbers and the colored Treasury seal will be smaller and a large shaded denominational numeral will be inserted to the left of the oval portrait. The backs of the bills will not be changed. Work on the change will begin at once, and it is expected that the first finished bills will be shipped to banks about February 1, 1953. G85 RELEASE MORNING NEWSPAPERS Friday5 January 2, 1953 S-3281 A change in^the method of production of $2 and United States notes and 4>5 and $5X0 silver certificates, to standardize the physical appearance of United States paper money and, when a new Secretary or a new Treasurer is appointed; to expedite the issuance of notes carrying the new facsimile signatures, was approved by Secretary Snyder today* The $2 and %$ United States notes carry a red seal, and the $5 and $10 silver certificates a blue seal* Heretofore; the plates used for printing these issues included the engraved facsimile signatures of the Secretary of the Treasury and the Treasurer of the United States« Whenever one of these officers was changed, it was necessary to re^engrave the plates with new signatures* Under the proposed change, facsimile signatures will be overprinted on the face of the nobes simultaneously with the seal and serial number, making reengraving unnecessary* This simplified method is already in use on $1 silver certificates of the series of 1935 and on green*»seal Federal Reserve notes of all denominations of the series of 1950, wWLoh has resulted in savings at the Bureau of Engraving and Printing* The faces of the bills will be changed to conform to the 1935 serio« $1 silver certificates« The only noticeable changes in the appearance of the bills will be that the serial numbers and the colored Treasury seal will be smaller and a large shaded denominational numeral will be inserted to the left of the oval portrait* The backs of the bills will not be? changed* Work on the change will begin at once, and it is expected that the first finished bills will be shipped to banks about February 1, 1953« oOo — * RELEASE MORNING NEWSPAPERS, 3^ cf<2~ Tuesday* January 6* 1953* The Secretary of the Treasury announced last evening that the tenders for $1*1^000,000, or thereabouts, of 91-day Treasury bills to be dated January 8 and to mature April 9, 1953# which ware offered on December 31, 1952, were opened at the Federal Reserve Banks on January I* The details of this issue are as follows; Total applied for - $2,058,616,000 Total accepted - 1,1*00,231,000 (includes $233,886,000 entered on a noncompetitive basis and accepted in full at the average price shown below) Average price - 99*1*98 Equivalent rate of discount approx, 1*986$ per annum Range of accepted competitive bidsI (Excepting one tender of $50,000) High - 99*525 Equivalent rate of discount approx, 1*879$ per annum Low - 99*1*93 » * • * » 2.006$ • » (58 percent of the amount bid for at the low price was accepted) Federal Reserve District Boston New fork Philadelphia Cleveland Richmond Atlanta Chicago St, Louis Minneapolis Kansas City Dallas San Francisco Total Applied for $ 21*,691*,000 i»Mi,ij3a,o80 1*7,552,000 51*.157,000 19 ,299,000 35,1*65,000 263,113,000 33,610,000 13,172,000 53,813,000 67,1*10,000 56,899,000 TOTAL #2,058,616,000 Total Accepted # 22,81*1*,000 821,887,000 31,822,000 33,757,000 17,789,000 32,815,000 226,213,000 31*990,000 12,672,000 50,693,000 60,850,000 56,899,000 #1,1*00,231,000 TR EA SU R Y D EPARTM EN T Information Se rv ice WASHINGTON, D .C 687 R E L EASE KÖRITING N EWSPAPERS, S-3232 Tuesday, January 6, 1953« The Secretary of the Treasury announced last evening that the tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills to be dated January 8 and to mature April 9, 1953s which were offered on December 31, 1952, were opened at the Federal Reserve Banks on January 5 . The details of this issue are as follows; Total applied for - $2,058,616,000 1,400,231,000 (includes $ 233,886,000 Total accept« entered on a non-competitive basis and accepted in full at the average price shown below) Average price - 99.498 Equivalent rate of discount approx. 1 .986$ per annum Range of accepted competitive bids: (Excepting one tender of $50,000") - 99,525 Equivalent rate 1 .879$ - 99.4-93 Equivalent rate 2 .006$ High Low of discount approx. per annurip of discount approx. per annum (58 percent of the amount bid for at the low price was accepted) Total Applied for Federal Reserve District $ Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco TOTAL 24,694,000 1 ,404,432,000 47 ,552,000 34 ,157,000 19 ,299,000 35 ,465,000 263,113,000 38,610,000 1 3 ,172,000 53 ,813,000 67 ,410,000 56 ,899,000 $2 ,058,616,000 0Ö0 Total Accepted $ 22,844,000 821 .887,000 3 1 ,822,000 33,757,000 I T ,789,000 32 .815,000 226,213,000 31,990,000 12,672,000 50,693,000 60,850,000 56,899,000 $1,400,231,000 BUQQE3 TBD "IBSLBAflE S - - Z J ’ % /<?'rS r ¿ r / Gerald T. Smotners, of Albuquerque, New Mexico, President of the u* ^ Bank of New Mexico, has been appointed.Chai of the U. S. Treasury y A Advisory Committee on Savings Bonds in that State^by Jut 1ULilly uf LUv Taensmiji Jnlm W. Snyder. Mr* Smothers succeeds the late George M. Bloom, who was President of the First National Bank of Santa Fe0 In announcing the appointment, Secretary Snyder said: MThe success of our program is assured by leaders of the stature of Mr. Smothers. and <mm entire department welcomes him*” A A *■ Mr* Smothers was born in Ridgeway, Missouri. After graduation from the Ridgeway public schools he attended Missouri University and is a graduate of the American Institute of Banking and of Central Business College* Mr. Smothers served, after graduation, in various responsible positions in mid-west banks including j Omaha (Neb.) National Bank, Bartley Trust Co., St. Joseph, Mo.; Farmers National Bank, Ridgeway, Mo.; Central Surety and Insurance Co., Kansas City, Mo.; President, Manufacturers and Mechanics Bank, Kansas City, Mo.; Examiner, State Banking Department of Missouri, and Executive Vice President, Merchants Bank, Kansas City, Mo. He eeu»o to Albuquerque in 1951* A Among his many affiliations are: Masonic Shrine, Skyline Country Club, Past President, Optimist Club of Kansas City, foimer member of the Advertising Club and the Lions Club, Kansas City. assisted in ^cvove^L fund rwisriHif—1 He has conducted and in Kansas City* He was recently invited to conduct a graduate course in banking at the University of New Mexico* TR EA SU R Y D EPARTM EN T Information Service IMMEDIATE RELEASE, Thursday, January 8, 1953. S -3 2 8 3 Gerald T. Smothers, of Albuquerque, New Mexico, President of the Bank of New Mexico, has been appointed by Secretary of the Treasury John W. Snyder to be Chairman of the U. S. Treasury Advisory Committee on Savings Bonds in that State. Mr. Smothers succeeds the late George M. Bloom, who was President of the First National Bank of Santa Fe, In announcing the appointment, Secretary Snyder said: ’’The success of our Savings Bonds program is assured by leaders of the stature of Mr. Smothers, and the entire Treasury Department welcomes him." Mr. Smothers was born in Ridgeway, Missouri. Aftetf graduation from the Ridgeway public schools he attended Missouri University and is a graduate of the American Institute of Banking and of Central Business College. Mr. Smothers served, after graduation, in various responsible positions in mid-west banks including; Omaha (Neb.) National Bank, Bartley Trust Company, St. Joseph, Missouri; Farmers National Bank, Ridgeway, Missouri; Central Surety and Insurance Company, Kansas City, Missouri; President, Manufacturers and Mechanics Bank, Kansas City, Missouri; Examiner, State Banking Department of Missouri, and Executive Vice President, Merchants Bank, Kansas City, Missouri. He went to Albuquerque in 1951. Among his many affiliations are: Masonic Shrine, Skyline Country Club, Past President, Optimist Club of Kansas City, former member of the Advertising Club and the Lions Club, Kansas City. He has conducted and assisted in many charitable enterprises in Kansas City. He was recently invited to conduct a graduate course in banking at the University of New Mexico. 0O0 subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 1*2 and 11? (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 19l*l, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accord ingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 1*18, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions- of their issue. Copies of the circular may be obtained from any Federal R eserv e Bank o r B ran ch . 2 dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on January 15« 1953 wfck » in cash or other immediately available funds or in a like face amount of Treasury bills maturing Cash and exchange tenders will receive equal treatment. January^lS. 195>3 « Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from Jp the sale or other disposition of the bills, shall not have any exeinption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto, The bills shall be mmma TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Thursday, January 8, 1953_____ . The Secretary of the Treasury, by this public notice, invites tenders for $ l,it00,Q00,000 , or thereabouts, of 91 -day Treasury bills, for cash and in exchange for Treasury bills maturing the amount of $l,i|Ql,185.000 January^1^, 1953 , in , to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills _, and will mature January 15* 1953 TOC when the face amount will be payable without in- of this series will be dated April 16 terest. '*953 i They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500 ,000, and $1,000,000 (maturity value). Tenders will be received ai Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday. January 12. 1953. Tenders will not be received at the Treasury Department, Washington. Each tender must be for an even multiple of $1,000, and in the case of competi tive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g., 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branch^ on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TR EA SU R Y D EPARTM EN T information Service WASHINGTON. 693 release m o r n i n g newspapers, Thursday,.. January 8, 1953» S-3284' The Secretary of the Treasury, by this pub3.ic notice, invites tenders.for $1,400,000,000, or thereabouts, of 9 1 - d a y 'Treasury bills, for cash and in exchange for Treasury bills maturing January 15* 1953 . im the amount of $ 1 ,4-01 ,185 .000, to be issued on a discount basis under'competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated January 15*- 1953. and will mature April 16, 1953. when the face amount will be payable without interest. They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,0Q0,000 (maturity v a l u e ). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Monday, January 12, 1953. Tenders will not be received at the Treasury Department, Washington. Each tender' must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, with not more than three decimals, e. g.', 99.925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. , Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized dealers in investment securities'. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing- hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announce ment will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action In any such respect shall be final. Subject to these reservations, non-competitive tenders for $200,000 or less without stated pri< e from any one bidder will be accepted in full at the average price (in three decimals) of 2 accepted competitive bids. Settlement top accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on January 15* 1953> in cash or other immediately available funds or in a like face amount of Treasury bills maturing January 15, 1953. Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value or maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall^be exempt from all taxation now or hereafter imposed on the principal pr interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority. For purposes of taxation the amount of discount at which Treasury bills are briginally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need Include in ]jis income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary sain or loss. Treasury Department Circular No, 4l8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. oOo « ^ • particular commodity, the procedure will be the same as heretofore, namely, applicants for importation licenses will be required to submit to the Treasury full documentary proof that the goods are not of Communist Chinese origin* Applications may also be filed on Form TFAC-1 with the Federal Reserve Bank of New York for the release from Customs custody of merchan dise of Hong Kong origin now in Customs or en route from Hong Kong to the United States* Such applications should describe the merchandise and give the port of entry and must be accompanied by an appropriate letter from the Hong Kong Department of Commerce and Industry in support of the application for release of the particular shipment* These support letters will attest that the merchandise involved is not of Communist Chinese origin and will be issued by the Department of Commerce and Industry only with respect to those kinds of products to which the certification pro cedure applies at the time of issuance* Discussions along the lines of those which have been held with the Hong Kong Government by Foreign Assets Control are also in progress with several other Far Eastern countries* 3 - The actual operation of the new certification system will be a matter of continuing close consultation with the Hong Kong authorities* The certification procedure which has been placed in operation by the Hong Kong authorities does not yet apply to all commodities of Chinese type produced in Hong Kong* The commodities presently covered arej iotton waste hard-wood furniture ) ivory manufactures/ preserved plumsy salt fish in oil/ Silk manufactures) .3 It is contemplated that in the near future certification will be available for most of the principal exports of Hong Kong origin to the tftiited States. Persons who desire to Import any goods from Hong Kong to which the certification procedure applies may file applications for this purpose on form. TR4C-1 with the Federal Reserve Bank of New York setting forth the product to be imported, the purchase price, and the names and addresses of all persons who it is contemplated will be involved as sellers, shippers, agents, or intermediaries of any sort* Licenses granted upon such appli cations will authorize the importation on condition that the importer presents to the Collector of Customs at the time of entry an appropriate certificate of origin issued by the Hong Kong Department of Commerce and Industry under the new arrangements« In cases where the Hong Kong authorities are not able to certify the » 2 ■» United States Tinless Treasury approval was obtained* From time to time, amendments and interpretations of the Foreign Assets Control Regulations have been promulgated in an effort to achieve maximum effectiveness while producing the minimum of interfer ence with normal trade practices of Free World countries* Under the Regulations, licenses are now required for the importation of merchan dise of Chinese type even when it is alleged to have been produced elsewhere than in Communist China, Relatively few licenses have been granted because importers have found it difficult to advance satisfactory proof that specific merchandise of Chinese type offered for importation is not of Communist Chinese origin* The geography, location and trade patterns of the countries adjacent to the China Mainland have posed special problems in the enforcement of a system of controls which would be at once sufficiently stringent to accomplish the objective of denying to the Chinese Communists foreign exchange realized from the importation of goods of Communist Chinese origin into the United States and sufficiently flexible to permit a flow of trade between friendly areas, such as the British Crown Colony of Hong Kong, and the United States and other Free World countries* For some time authorities of the United States Government and those of Hong Kong have been discussing measures to meet this problem. The arrangements announced today have resulted from these discussions. s - of legitimate Hong Kong origin and at the same time prevent Communist Chinese exports from entering the United States, arrangements have been concluded for the issuance by the Hong Kong Government of certificates which will per* «it the importation into the United States of goods of Chinese type produced in Hong Kong which are subject to the Foreign Assets Control Begulations of the Treasury Department, The basic purpose of the Foreign Assets Control is to prevent Communist China and North Korea from obtaining foreign exchange with which to further their aggression in Korea® On December 16, 1950, following the unprovoked aggression by the Chinese Communists in Korea, the United States Goveraraent^in support of the objectives of the Uhited Nations1 action in Korea^ announced measures designed to place under control all economic relations with Communist China in older that the Chinese Communists should be denied access to United States supplies or assets in the United States, An essential part of this program was the issuance by the United States Treasury Department, under the Trading with the Enemy Act, of the Foreign Assets Control Regulations of December 17, 1950, which forbade all trade and financial transactions involving the Communist Chinese and North Korean regimes and their nationals by persons subject to the jurisdiction of the TR EA SU R Y D EPARTM EN T Information Service RELEASE AFTERNOON NEWSPAPERS Friday , January 9, 19?3 WASHINGTON, D .C . S-3285 In order to facilitate trade in goods of legitimate Hong Kong origin and at the same time prevent Communist Chinese exports from entering the United States, arrangements have been concluded for the issuance by the Hong Kong Government of certificates which will permit the importation into the United States of goods of Chinese type produced in Hong Kong which are subject to the Foreign Assets Control Regulations of the Treasury Department* The basic purpose of the Foreign Assets Control is to prevent Communist China and North Korea from obtaining foreign exchange with which to further their ag gression in Korea# On December 16, 195>0, following the unprovoked aggression by the Chinese Communists in Korea, the United States Government, in support of the objectives of the United Nations* action in Korea, announced measures designed to place under control all economic relations with Communist China in order that the Chinese Communists should be denied access to United States supplies or assets in the United States* An essential part of this program was the issuance by the United States Treasury Department, under the Trading with the Enery Act, of the Foreign Assets Control Regulations of December 17, 1950, which forbade all trade and financial transactions involving the Communist Chinese and North Korean regimes and their nationals by persons subject to the jurisdiction of the United States unless Treasury approval was obtained, From time to time, amendments and interpretations of the Foreign Assets Control Regulations have been promulgated in an effort to achieve maximum effectiveness while producing the minimum of interference with normal trade practices of Free World countries* Under the Regulations,^licenses are now required for the impor tation of merchandise of Chinese type even when it is alleged to have been produced elsewhere than in Communist China* Relatively few licenses have been granted because importers have found it difficult to advance satisfactory proof that specific merchandise of Chinese type offered for importation is not ©f Communist Chinese origin* The geography, location and trade patterns of the countries adjacent to the China Mainland have posed special problems in the enf©rcement of a system of controls which would be at once sufficiently stringent to accomplish the objective of denying to the Chinese Communists foreign exchange realized from the importation of geods of Communist Chinese origin, into the United States and sufficiently flexible to permit a flow of trade between friendly areas, such as the British Crown Colony of Hong Kong, and the United States and other Free World countries# For some time authorities of the United States Government and those of Hong Kong have been discussing measures to meet this problem* The arrangements announced today have resulted from these discussions* The actual operation of the new certification system will be a matter of continuing close consultation with the Hong Kong authorities* - 2 - The certification procedure which has been placed in operation by the Hong Kong authorities does not yet apply to all commodities of Chinese type produced in Hong Kong, The commodities presently covered are: cotton waste, hard-wood furniture, ivory manufactures, preserved plums, salt fish in oil, silk manufactures, tungsten ore and concentrates, and water chestnuts. It is contemplated that in the near future certification will be available for most of the principal exports of Hong Kong origin to the United States, Persons who desire to import any goods from Hong Kong to which the certifica tion procedure applies may file applications for this purpose on Form TFAC-1 with the Federal Reserve Bank of New York setting forth the product to be imported,,the purchase price, and the names and addresses of all persons who it is contémplated will be involved as sellers, shippers, agents, or intermediaries of any sort«' ^ Licenses granted upon such applications will authorize the1..importation on condition that the importer presents to the Collector of Customs at the time of entry an ap-^ propriate certificate of origin issued' by the Hong Kong Department of Commerce and Industry under the new arrangements« 1 ■ :. In cases where the Hong Kong authorities are. no.t able to certify the particular commodity, the procedure will be the same as heretofore, namely, applicants for importation licenses will be required to submit to the Treasury full documentary proof that the goods are not of Communist Chinese origin. Applications may Also be filed on Form TFAC-1 with the Federal Reserve Bank of New York for the release from Customs custody of merchandise of Hong Kong origin now in Customs or en route from Hong Kong to the United States, Such applications should describe the merchandise and give the. port of entry and must be accompanied by an appropriate letter from the Hong'Kong Department of Commerce and Industry in support: of the application for release of the particular shipment, These support letters will attest that" the merchandise involved is not of Communist Chinese origin and will be issued by the Department of Commerce and Industry only with respect to those kinds of products to which the certification procedure applies at the time of issuance• Discussions along the lines of those which have been held with the Hong1Kong Government by-Foreign Assets Control are also in progress with several other Far Eastern countries, ,s 0O0 TREASURY DEPARTMENT F i s c a l S e r v ic e STATUTORY DEBT LIMITATION peeember 31* 1952 as o f J i ^ i i a r y 16, W ashingto n, .195 section 21 of Second Liberty Bond Act, as amended¡.provides df| f amount of i^ r e e fb ft h e under authority of that Act, and the face amount of oM 'S ^ '^ ^ ^ jra n te e ^ a ^ to pn c p . s|)a,f „ot United States (except such guaranteed obiigattons a y u se title 31 sec. 757b), outstanding at exceed in the aggregate $2 7 5 . 0 0 0 , 0 0 0 , 0 0 0 ¿“ ren?6redemptlor^vaiue of any obligation issued on a discount e«n u u. face The following table shows the face amount of obligations outstanding and the face-amount which can still “ ’ s 1limitation: Imitation: be issued under this $ 2 7 5 ,0 0 0 ,0 0 0 ,0 0 0 Total face amount that may be outstanding at any one time Outstanding Obligations Issued under Second Liberty Bond Act, as amended Interest-bearing: $ 2 1 ,712,601,000 Treasury b ills 1 6 ,7 1 2 ,4 2 3 ,0 0 0 Certificates of Indebtedness notes 3 6 .0 3 6 .7 7 8 ,0 0 0 $ 7 4 ,46 0,80 2,0 00 Treasury Bonds 79,755*^6,900 Treasury.................................... 57,9^0 ,080,012 Savings (current redemp. value) 402 ,8 44 ,5 00 Depositary................................ Armed Forces Leave...................... — Investment series........................ 1 3 ,4 4 9 ,8 7 7 ,Q0_0 1 5 1 ,5 ^ 8 ,2 6 8 ,4 1 2 an.» as ^Certificates of Indebtedness...... 2 4 ,1 4 7 ,3 6 5 ,0 0 0 Treasury notes............................ 1 5 ,0 0 2 ,3 2 9 ^ 0 Total interest-bearing ........................................... Matured, Interest-ceased....................................................... Bearing no interest: War savings stamps .......................... Excess profits tax refund bonds..... Special notes of the United States: Internat'l Monetary Fund series.... Total ..................................... ....... 3 9 ,l4 9 ,6 9 4 ,M 0 265*158,764,812 3 00,244,296 4 8 ,7 0 7 ,8 0 9 1 ,5 7 9 ,9 0 8 1 .2 5 8 ,0 0 0 ,0 0 0 Guaranteed obligations (not held by Treasury): Interest-bearing: Debentures: F.H.a. ............ Demand obligations: C.C.C. Matured, interest-ceased .... 1 ,30 8,28 7,7 17 266 ,7 67 ,2 96 ,82 5 52 , 202,536 ¿>■56,679 52 , 659,215 1 .8 10 .85 0 53.969,565 Grand total outstanding....... ..v.................................. ................. ialance face amount of obligations issuable under above authority 266,821,266,390 8,178,733.610 ReconcI lement with statement of the Public Debt lîec . 31.,.( 1.95? (Daily statement of the United States Treasury,Jan.?....£*...1953 .) Outstanding Total gross public debt Guaranteed obligations not owned by the Treasury ............................................... Total gross public debt and guaranteed obligations .............................•••••;..... ;.... Deduct - other outstanding public debt obligations not subject to debt limitation 3 ' ^ 267.39i.i55.98O 58.969.565 267,645,125,565 628.859,155 266,821,266,390 STATUTORY DEBT LIMITATION AS OF DECEMBER 31, 1952 , v iOQ .. January 9* 1953 Section 21 of Second Liberty Aond ^ct, as amended, provides that the face amount of obligations issued under authority of that Act, and. the face amount of obligations guaranteed as to principal and interest by the United States (except such guaranteed obligations as may be held by the Secretary of the treasuryshall not exceed in the aggregate 6275,000,000,000(Act cf June 26* 1940j title 31* sec» 7p?b), outstanding at any one tine« For purposes of this section the current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder shall be considered as its face amount* The following table shows the face amount of obligations outstanding and the face amount which can still be issued under this limitation; 6275*000,000,000 Total face amount that may be outstanding at any one time Outstanding Obligations issued under Second Liberty Bond Act, $ Interest-bearing Treasury bills*.. .. *|?21,712,o01,000 Certificates ofindebtedness •» 16,7121*23*000 Treasury notes •«•••.«•••••.•.•a 36 ,03^3,7 18 *000 Bonds Treasury.»........*........ 79,755,W 6 , 900 Savings (current redemp•value) 57*9^0,080,012 Depositary ............U02,8UU,i>00 Armed Forees Lea^ve .......... m Investment series ....... ... 13jUU9*877,000 amended 6 7l*,1*60,802,000 151,5W,268,U12 Special Funds Certificates of indebtedness. 21*,11*7,365 *000 Treasury notes ••••«•••••.*.* 1,5*002*329*1*00 Total interest-bearing » • Matured, interest-ceased ,**♦•♦••*••• **•*•♦<>••»•• • 39*11*9,691**1*00 263,138*761*, 812 300,21*1**296 Bearing no interest; War savings stamps ... ....... . i*8,707,809 Excess profits tax refund bonds 1*579*908 Special notes of the United States; InternetJ1 Monetary Fund series 1,236 ^000*000 Total.............................. .......... 1*308^.267*717 266,767,2*6,8^ Guaranteed obligations (not held by Treasury); Interest-bearing; Debentures; F.H.A.*» • • • • • • 32,202,336 Demand obligations; CcC.C...»...o ___ 1*36,679 Matured, interest-ceased .............. . 32,639*213 .,1*310^33.0 ¿3 *969*365 Grand, total outstanding ............» • • • • * * . e * « . . * e < > 266,82jj266,390 Balance face amount of obligations issuable under above authority* 8,176,(33*610 Reconcilement with Statement of the Fublic Debt - December 31, 1952 (Daily Statement of the United States Treasury, January 2, 1953) Outstanding Total gross public debt ............................ . 267*391*155*980 Guaranteed obligations not owned by the Treasury 53,969*56* Total gross public debt and guaranteed obligations »«••••••....• 267, 1*1*5*12n*! Deduct - other outstanding public debt obligations not subject to debt limitation.....»,............ ......... •...... . . 623^859,13 2557521,2< S-3286 _ 2 U n d e r the t e rms of the n e w r e g u l a t i o n s , decisions b y h e a r i n g e x a m i n e r s r e c o m m e n d i n g d i s b a r m e n t of T r e a s u r y p r a c t i t i o n e r s m a y be a p p e a l e d to the S e c r e t a r y of the Treasury, as at present. Also, of P r a c t i c e d e n y i n g e n r o l l m e n t , d e c i s i o n s of the D i r e c t o r a n d d e c i s i o n s of the C o m m i s s i o n e r of C u s t o m s d e n y i n g l i c e n s i n g as a c u s t o m h o u s e broker, m a y be a p p e a l e d to the Secr e t a r y . Mr. Car p e n t e r , w h o h a s h a d m a n y y e a r s of s e r v i c e in the I n t e r n a l R e v e n u e S e r v i c e a nd o t h e r G o v e r n m e n t agencies, as w e l l as e x p e r i e n c e in p r i v a t e l aw pra c t i c e , returns to the T r e a s u r y f r o m the O f f i c e of P r i c e S t a b i l i z a t i o n w h e r e he h a s b e e n s e r v i n g as a g e n e r a l a t t o r n e y in the O f f i c e of E n f o r c e m e n t . Mr. C a r p e n t e r is a c e r t i f i e d p u b l i c a c c o u n t a n t as w e l l as a m e m b e r of the Bar. Internal Revenue Unit, His f i r s t d u t y w i t h the S e r v i c e w a s as a u d i t o r in the I n come T ax in w h i c h he s e r v e d f r o m 1920 to 1927. He w a s a s s i g n e d to the o f f i c e of the C h i e f C o u n s e l of the I n t ernal R e v e n u e f r o m 1927 u n t i l 1941, w h e n he e n t e r e d on a c t i v e d u t y as a L i e u t e n a n t C o m m a n d e r in the Navy. He left the N a v a l s e r v i c e in 1946 w i t h the r a n k of C a p tain. H e a g a i n s e r v e d in the o f f i c e of the C h i e f C o u n s e l of the R e v e n u e S e r v i c e f r o m 1947 u n t i l the 1952, w h e n h e j o i n e d liiinlmii nilBit s t a f f of the O f f i c e of P r i c e Stabil i z a t i o n . / S e c r e t a r y S n y d e r t o d a y a n n o u n c e d the a p p o i n t m e n t of I r vin W. Car p e n t e r , W a s h i n g t o n attorney, to the n e w l y c r e a t e d T r e a s u r y p o s i t i o n of D i r e c t o r of P r a c t i c e . The D i r e c t o r w i l l e x e r c i s e f u n c t i o n s r e l a t i n g to the e n r o l l m e n t a n d d i s b a r m e n t of p r a c t i t i o n e r s b e f o r e the Tre a s u r y . T h e s e f u n c t i o n s h e r e t o f o r e h a v e b e e n v e s t e d in the T r e a s u r y fs C o m m i t t e e o n P r a c t i c e a n d the o f f i c e of the A t t o r n e y f o r the G o v e r n m e n t . The Committee on Practice a n d the o f f i c e of A t t o r n e y f o r the G o v e r n m e n t a re abolished. T he o f f i c e of D i r e c t o r of P r a c t i c e e s t a b l i s h e d in the B u r e a u of is b e i n g I n t e r n a l R e v enue. Secretary S n y d e r h as s i g n e d a m e n d m e n t s to T r e a s u r y r e g u l a t i o n s p u t t i n g the c h a n g e s i nto e f f e c t i mmediately. In t r a n s f e r r i n g the d u t i e s of the f o r m e r C o m m i t t e e on P r a c t i c e a n d the f o r m e r A t t o r n e y f or the G o v e r n m e n t to the n e w D i r e c t o r of P r a c t i c e , m a k e on e e x c e p t i o n . the n e w r e g u l a t i o n s T h i s e x c e p t i o n is that d u t i e s r e l a t i n g to c u s t o m h o u s e b r o k e r s w i l l h e r e a f t e r be e x e r c i s e d u n d e r the d i r e c t i o n of the C o m m i s s i o n e r of Customs. T he w o r k of the D i r e c t o r of P r a c t i c e w i l l be u n d e r the s u p e r v i s i o n of the C o m m i s s i o n e r of I n t e r n a l Revenue. Ho w e v e r , d e c i s i o n s of the D i r e c t o r in i n d i v i d u a l c a s e s r e l a t i n g to e n r o l l m e n t , disbarment or disciplinary m e a s u r e s w i l l n o t be s u b j e c t to c h a n g e by the Co m m i s s i o n e r . TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C . 703 IMMEDIATE RELEASE, Thursday, January 8, 1953« S -3287 Secretary Snyder today announced thé appointment of Irvin W. Carpenter, Washington attorney, to the newly created Treasury position of Director1 of Practice. The Director will exercise functions relating to the enrollment and disbarment of practitioners before the Treasury. These functions heretofore have been vested in the Treasury’s Committee on Practice and the office of the Attorney for the Government. The Committee on Practice and the office of Attorney for the Government are abolished. The office of Director of Practice is being established in the Bureau of Internal Revenue. Secretary Snyder has signed amendments to Treasury regulations putting the changes Into effect immediately. In transferring the duties of the former Committee on Practice and the former Attorney for the Government to the new Director of Practice, the new regulations make one exception. This exception is that duties relating to customhouse brokers will hereafter be exercised under the direction of the Commissioner of Customs. The work of the Director of Practice will be under the supervision of the Commissioner of Internal Revenue. However, decisions of the Director in individual cases relating to enroll ment, disbarment or disciplinary measures will not be subject to change by the Commissioner. Under the terms of the new regulations, decisions by hearing examiners recommending disbarment of Treasury practitioners may be appealed to the Secretary of the Treasury, as at present. Also, decisions of the Director of Practice denying enrollment, and decisions of the Commissioner of Customs denying licensing as a customhouse broker, may be appealed to the Secretary. Mr. Carpenter, who has had many years of service in the Internal Revenue Service and other Government agencies, as well as experience in private law practice, returns to the Treasury from the Office of Price Stabilization where he has been serving as a general attorney in the Office of Enforcement. Mr. Carpenter is a certified public accountant as well as a member of the Bar. His first duty with the Internal Revenue Service was as auditor in the Income Tax Unit* in which he served 704 - 2 - from 1920 to 1927. He was assigned to the office of the Chief Counsel of the Internal Revenue from 1927 until 194l, when he entered on active duty as a Lieutenant Commander in the Navy. He left the Naval service in 19^6 with the rank of Captain. He again served in the office df the Chief Counsel of the Revenue Service from 19^-7 until 1952, when he joined the staff of the Office of Price Stabilization. 0O 0 C o n t i n u i n g the p o l i c y of an o r d e r l y t r a n s f e r of G o v e r n m e n t r e s p o n s i b i l i t y f r o m the p r e s e n t to the Administration, SecretaJ^nyder and H u m p h r e y a n n o u n c e d t o d a y the j o i n t a p p o i n t m e n t A of a 4 -man c o m m i t t e e to r e v i e w p l a n s fo r t r a n s f e r of the G o v e r n m e n t ' s v a s t s t o c k of g o l d a n d s i l v e r b u l l i o n a n d o t h e r a s s e t s in c u s t o d y of the T r e a s u r y to the o f f i c i a l s of the i n c o m i n g A d m i n i s t r a t i o n . A t h o r o u g h r e v i e w w i l l be m a d e by the c o m m i t t e e f o r the p u r p o s e of d e t e r m i n i n g the p r o c e d u r e s to be V f o l l o w e d in m a k i n g the transfer. T h e m e m b e r s h i p of the c o m m i t t e e is as follows: Chairman: W . L . H e m i n g w a y , C h a i r m an of the B o a r d , Company, St. Louis, Missouri Members: w H l i m a E ^ n u r t z , C h a i r m a n of the Board, T h e P e n n s y l v a n i a Company, P h i l a d e l p h i a , Pennsylvania S i d n e y B. Congdon, P r e s i d e n t , N a t i o n a l C i t y B a n k of C l e v e l a n d , C l e v e l a n d , O h i o J a m e s L. R o b e r t s o n , Member, B o a r d of G o v e r n o r s F e d e r a l R e s e r v e System, W a s h i ngton, D. C. o ft! \ C o n tin u in g th e p o l i c y G o v e rn m e n t r e s p o n s i b i l i t y o f an o r d e r ly tra n s fe r o f fro » th e p r e s e n t t o th e Jo h n W . in c o m in g A d m i n i s t r a t i o n , S e c r e t a r y . S n y d e r a n d -designate S e c r e t a r y ^ H um phrey a n n o u n c e d t o d a y t h e j o i n t a p p o in tm e n t o f a 4 -m a n c o m m it te e t o r e v ie w G o v e rn m e n tYa v a s t s t o c k o f g o ld o th e r a s s e ts of c u s to d y o f tra n s fe r o f an d s i l v e r th e T re a s u r y b u llio n th e and to th e o f f i c i a l s A th o r o u g h r e v i s e w i l l b e m ade b y t h e c o m m it te e f o r th e in p la n s f o r in c o m in g A d m i n i s t r a t i o n . recommendations for th e p u rp o se o f d e te rm in in g . u p e e th e p ro c e d u re s t o A f o llo w e d i n m a k in g t h e T h e m e m b e rs h ip o f be tra n s fe r. th e c o m m it te e i s a s fo llo w s $ Chairmans W. L . H em in g w ay , C h a irm a n o f t h e B o a r d , M e r c a n t i l e Cemwa'WSW'B s a li a n d T r u s t C o m p an y , S t . L o u i s , M i s s o u r i Wm. F u l t o n . K u r t s , C h a irm a n o f t h e B o a r d , T h e P e n n s y l v a n i a C o m p an y , P h i l a d e l p h i a , P e n n s y lv a n ia S id n e y B . C o n g d o n , P r e s i d e n t , n a t i o n a l C i t y B a n k o f C l e v e l a n d , C l e v e l a n d , O h io J a m e s L . R o b e r t s o n , M em b er, B o a r d o f G o v e r n o r s , F e d e r a l R e s e r v e S y s t e m , W a s h in g to n , D . C . TR EA SU R Y D EPA RTM EN T Information Service WASHINGTON, D .C . IMMEDIATE RELEASE, Friday, January 9, 1953. 7Q7 S-3208 Continuing the policy of an orderly transfer of Government responsibility from the present to the incoming Administration, Secretary John VI, Snyder and Secretary-designate George M, Humphrey announced today the joint appointment of a 4-man committee to review plans for transfer of the Government’s vast stock of gold and silver bullion and other assets in custody of the Treasury to the officials of the incoming Administration. A thorough review will be made by the committee for the purpose of determining recommendations for the procedures to be followed in making the transfer. The membership of the committee is as follows: Chairman: W. L. Hemingway, Chairman of the Board, Mercantile Trust Company, St. Louis, Missouri Me m b e r s : Wm, Fulton Kurtz, Chairman of the Board, The Pennsylvania Company, Philadelphia, Pennsylvania Sidney B. Congdon, President, National City Bank of Cleveland, Cleveland, Ohio James L. Robertson, Member, Board of Governors, Federal Reserve System, Washington, D. C. oOo m iM m UORNBiÖ NEWSPAPERS, Tuwday, Junary 13» 1953« Th« Secretary of the Treasury announced last evening that the tenders for $l,ljOO,000,000, or thereabouts, of 91-day Treasury bills to be dated January 15 and to mature April 16, 1953» which were offered on January 8, w e opened at the Federal Reserve Banks on January 12* The details of this issue are as follows i Total applied for Total accepted Average price $2,035,9*6,000 „ _ 1,!|00,121,000 (includes $257,027*000 entered on a non-competitive basis and accepted in full at the average price shown below) 99,1*63/ Equivalent rate of discount approx. 2,12b* per annui Hange of accepted competitive bidet High - 99.550 Equivalent rate of discount appro*. 1.780* per annua -99.hSb « » . « - (31 percent of th, m o u n t bid for *t the low prie, 2-160* ■ uccepted) Federal Reserve District Total Applied for Total Accepted Boston New Tork Philadelphia Cleveland Richmond Atlanta Chicago it. Louis Minneapolis Kansas City Dallas San Francisco $ I5,oo5,ooo 1,386,020,000 3 2 ,921»,000 56.398.000 27,91*1,000 1*0,1*28,000 206,685,000 5U,997,000 11*.119,000 71.791.000 62.759.000 66.681.000 $ 12,035,956,000 *1,1*00,121,000 Total il* , 805,000 ' 809,31*3,000 1 9 ,U7k,000 56.398.000 27, m a ,ooo 1*0,1*28,000 161,685,000 5b,9 9 7 , 000. lit, 119,000 71.791.000 62.759.000 66.881.000 » TREA SU RY DEPARTM ENT Information Service WASHINGTON, D .C . 70 3 RELEASE MORNING NEWSPAPERS, Tuesday, January 13, 1953» S-3209 The Secretary of the Treasury announced last evening that the tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills to be dated January 15 and to mature April 16, 1953:» which were offered on January 8 , were opened at the Federal Reserve Banks on January 12. The details of this issue are as follows: Total applied for - $2,035,956,000 Total accepted - 1,400,121,000 (includes $257,027,000 entered on a non-compétitive basis and accepted in full at the average price shown below) Average price - 99.463/ Equivalent rate of discount approx. 2.124$ per annum Range of accepted competitive bids: High - 99.550 Equivalent rate 1 .780$ - 99.454 Equivalent rate 2 .1b 0$ Low (31 of discount approx. per annum of discount approx. per annum percent of the amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total Applied for $ 15 ,005,000 1 ,386,028,000 32.924.000 56 .398.000 27.941.000 40.428.000 -206,685,000 54.997.000 14.119.000 71 .791.000 62 ,759,000 66,881,000 TOTAL Total ______ Accepted $ 14,805,000 809.343.000 19.474.000 56.393.000 27.441.000 40.428.000 161 .685.000 54.997.000 14.119.000 71 .791.000 62,759,000 ____ 66,881,000 $1,400,121,000 0O0 T R E A S U R Y D EPA RTM EN T Information Service WASHINGTON, D. C. Tlû FOR RELEASE Monday, January 19, 1955 Press Service No. S-3290 Secretary of the Treasury Snyder today made public data from the preliminary report, Statistics of Income for 1950, Part 1 , compiled from individual income tax: returns for the income year 1950. ‘ These data are prepared under the direction of Acting Commissioner of Internal Revenue John S. Graham. The total number of individual income tax returns filed for the income year 1950 is 53,060,098 of which 38,186,682 are taxable and 14,873,416 are nontaxable. Of the total number filed, 42,739,800 returns show use of the optional standard deduction. On 38,007,271 of these returns, the tax liability is determined from the optional tax table $ however, the income and exemptions on 13,277,664 of the latter returns are such that the table designates them to be nontaxable. The adjusted gross income reported is $179,874,478,000 and the ad justed gross deficit is $726,202,000. The income tax liability is $18,374,922,000, which is an increase of $3,836,781,000 over the tax for 1949. The increase is due to the change in tax rates under the Revenue Act of 1950 and to the increase of more than 11 percent in the amount of adjusted gross income reported. Individual returns, comparative data 1950 and 1949 (Money figures in thousands of dollars) : Preliminary ;Increase or decrease(-) Number or î : 1950 : 1949 : Percent • • • • • amount : Total number of returns Taxable returns Nontaxable returns Adjusted gross income Adjusted gross deficit Tax liability 53,060,098 38,186,682 14,873,416 51,814,124 35,628,295 16,185,829 1,245,974 2,558,387 -1,312,413 2.40 7.18 -8.11 179,874,478 161,373,205 726,202 799,280 18,501,273 -73,078 11,46 -9.14 3,836,781 .26.39 18,374,922 14,538,141 - 2 Returns included The individual income tax returns included in this release are for the calendar year 1950, a fiscal year ending within the period July 1950 through June 1951, and a part year with the greater part of the accounting period in 1950* The returns are Forms 1040A and 1040, filed by citizens and resident aliens 0 Tentative returns are not included and amended returns are used only if the original returns are excluded* Statistics are taken from the returns as filed, prior to revisions that may be made as a result of audit* Form 1040A is the employee^ optional return which may be filed by persons whose total income is less than $5,000 consisting of wages reported on Form W-2 and not more than a total of $100 from other wages, dividends, and-interest* The tax liability on Form 1040A is determined by the collector of internal revenue on the basis of the income reported, in accordance with a tax table provided under Supplement T of the Internal Revenue Code, which allows for the exemptions claimed and also allows for deductions and tax credits approximating 10 percent of the income* The optional return cannot be used as a separate return for community income of husband or wife* A joint return of husband and wife may be filed on Form 1040A if their com bined income meets the requirements for use of this form* On a joint re turn, the tax liability, determined from the tax table by the collector, is the lower of two taxess an aggregate of the two taxes on the separate incomes of husband and wife or a tax on the combined income, which tax is the liability under the split—income method* Form 1040, the regular income tax return, which may be either a longform return or a short-form return, is used by persons who, by reason of the size or source of their income, are not permitted to use Form 1040A, and by persons who, although eligible to use Form 1040A, find it to their advantage to use Form 1040* Persons with adjusted gross income of less than $5 ,000, regardless of the source, may elect to file the short-form return on which nonbusiness deductions and tax credits are not reported, the tax being determined on the basis of adjusted gross income, by the taxpayer from the tax table provided under Supplement T* Persons with adjusted gross income of $5,000 or more, and persons with adjusted gross income of less than $5,000 who wish to claim deductions in excess of the standard deduction allowed through use of the tax table, file the longform return and compute the tax liability based on net income after allowable deductions and exemptions* Data tabulated for individual returns for 1950 with adjusted gross income under $50,000 are estimated on the basis of samples* Description of the samples used and limitations of the data are given on pages 5 and 4* Changes in the Internal Revenue Code The Revenue Act of 1950 amended spects* The major change applicable in tax rates effected by eliminating tive tax which were in effect during the Internal Revenue Code in many re to individual returns is the increase the percentage reductions from tenta 1948 and 1949* - 3 (a) Although the normal tax rate of 3 percent of normal tax net in come and the surtax rates ranging from 17 percent of the first ¿2,000 of surtax net income to 88 percent of such income in excess of $200,000 are retained, the 1950 act eliminates, as of October 1, 1950, the series of percentage reductions ranging from 17 percent of the first $400 of combined tentative taxes to 9 «75 percent of such taxes in excess of $100,000«, The total tax liability is now limited to 87 percent of net income, as compared to the previous limit of 77 percent» For 1050 calendar year returns, a series of percentage reductions amounting to approximately three-fourths of those previously allowed is provided, with a limitation of the tax liability to 80 percent of the net incomeo (b) On returns for fiscal years ending after September 30, 1050, the tax liability is the sum of (l) that portion of a tentative tax, computed at rates in effect before October 1, 1950, which the number of calendar months in such fiscal year before October 1, 1D3C, bears to the total number of calendar months in the fiscal year, and (2) that portion of a tentative tax, computed at the rates in effect after September 30, 1950, which the number of calendar months in such fiscal year after September 30, 1950, bears to the total number of calendar months in the fiscal year* (c) The optional tax table under Supplement T is revised to reflect the increased tax liability resulting from the decrease in percentage reductions applied to the aggregate tentative normal tax and surtax for'the calendar year* Also, for taxable years beginning after September 50, 1950, an optional tax table is provided Wherein no percentage reductions are applied* (d) New income tax withholding tables provide increased withholding of income tax at source on wages paid on and after October 1, 1950; and the percentage method of withholding is increased from 15 percent to 18 percent of wages paid in excess of the amount of withholding exemption, (e) Provision is made for enlisted personnel to exclude from gross income all compensation and commissioned officers to exclude not more than |200 per month of compensation received for active service in the armed forces of the United States in a combat zone after June 24, 1950. (f) The definition of capital asset is changed for taxable years beginning after September 30, 1950, to exclude a copyright and a literary, musical, or artistic composition, created by the t 32T* Description of the sample and limitations of data Tables 1 and 2 in this release are derived from a stratified random sample of individual income tax returns designed to comprise three-tenths of 1 percent of returns, Form 1040A and Form 1040 with adjusted gross income under $3,000 and with total receipts from business, if any, under $50,000; 10 percent of returns, Form 1040 with adjusted gross income under $8,000 and with total receipts from business of $50,000 or more; 711 10 percent of returns, Form 1040 with adjusted gross income from $8,000 to $25,000; 25 percent of returns, Form 1040 with adjusted gross income from $25,000 to $50,000$ and 100 percent of returns, Form 1040 with adjusted gross income of $50,000 or more* The decrease in sample size as compared with the preceding year, from one-half of one percent to three-tenths of one percent, for returns, Form 1040A, and Form 1040 with adjusted gross income under $8,000 and total receipts from business under $50,000, is believed to be offset by the added efficiency of the sample design* Specifically, the 0.5 percent sample for 1949 comprised the first fifty returns in each successive hundredth block of one hundred returns, whereas the 0,3 percent sample for 1950 comprised the first return in three of every ten successive blocks* Use*of the return as the unit of sampling instead of the block or partial block, is more efficient, in view of the increasing use of sorting procedures in the administrative processing of the returns, prior to their arrangement in blocks. In computing the possible variation of a given frequency due to random sampling, a range of two standard errors was used; chances are 19 out of 20 that the frequency as estimated from the sample tabulation differs from the actual frequency, if the entire universe were tabulated, by less than twice the standard error, Variation beyond the two-error limit would occur only 1 time in 20 and would be sufficiently rare to justify a two-error range in defining sampling variability. Accordingly, in cells associated with taxable or nontaxable adjusted gross income classes under $8,000, frequencies of the magnitude of 1 million or more are subject to variation of less than 4 percent; variation for lesser frequencies increases to a maximum of 12 percent at 100,000, and a maximum of 36 percent at 10,000* In cells associated with adjusted gross income classes from $8,000 to $25,000, frequencies of the magni tude of 100,000 or more are subject to less than 2 percent variation; variation for lesser frequencies increases to a maximum of 6 percent at 10,000, and a maximum of 20 percent at 1,000* In cells associated with adjusted gross income classes from $25,000 to $50,000, frequencies of the magnitude of 10,000 or more are subject to less than 4 percent variation; variation for lesser frequencies increases to a maximum of 12 percent at 1,000* The degrees of variability noted above relate only to cell frequencies and do not indicate the variability associated with money amounts of income, deductions, or tax* Preliminary report The preliminary report, Statistics of Income for 1950, Part 1, is being prepared* It will include a table for taxable fiduciary returns showing sources of income, as well as additional tables for individual returns * Table 1 , - In d iv id u a l re tu r n s f o r 1 9 50, by a d ju ste d g r o s s income c l a s s e s : Sim ple and cu m ulative d is t r i b u t i o n s o f number o f r e tu r n s , a d ju ste d g r o s s income, and ta x l i a b i l i t y , w ith correspon ding p e rce n ta ge d is t r i b u t i o n s (A djusted g r o s s in c a s e c l a s s e s and money f ig u r e s in thousands o f d o l l a r s ) ■tiaber of returns Adjusted gross la s c a » o lasses \J Sim ple d is t r i b u t i o n Number 12 5 4 5 6 7 B 9 IO 1121 15 14 15 16 17 18 19 20 2221 25 24 25 26 27 28 29 50 51 52 55 54 55 56 57 58 59 40 41 42 45 44 45 46 47 48 49 50 51 52 R eturns w ith a d ju ste d g r o s s income (ta x a b le and n o n ta x a b le ): Under 0 .6 0 .6 under 0 .7 5 0 .7 5 under 1 1 under 1 .2 5 1 .2 5 under 1 .5 1 .5 under 1 .7 5 1 .7 5 under 2 2 under 2.2 5 2 .2 5 under 2 .5 2 .5 under 2 .7 5 2 .7 5 under 5 5 under 5 .5 5 .5 under 4 4 under 4 .5 4 .5 under 5 4 / 5 under 6 6 under 7 7 under 8 8 under 9 9 under 10 10 under 11 11 under 12 12 under 15 15 under 14 14 under 15 15 under 20 20 under 25 25 under SO 50 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 500 500 under 400 400 under 500 500 under 750 750 under 1 ,0 0 0 1 ,0 0 0 under 1 ,500 1 ,5 0 0 under 2 ,0 0 0 2 ,0 0 0 under 5,000 5 ,000 under 4 ,0 0 0 4 ,0 0 0 under 5,000 5 ,000 o r more T o ta l R e t u r n s w ith no a d ju ste d g r o s s in c o m e hj (n o n tax able) Orand t o t a l P ercen t of to ta l Adjusted cross insana 2/ Cumulative d i s t r i - Cumulative d i s t r i b utton from h ig h e st button from lo w e st income c l a s s income c l a s s P ercen t P ercent Number of Number of to ta l to ta l 5 ,7 8 0 ,0 1 5 1 ,2 6 9 ,0 1 2 2 ,5 1 2 ,7 5 7 2 ,4 9 0 ,8 6 6 2 ,5 8 5 ,8 5 6 2 ,7 1 0 ,9 6 0 2 ,7 6 1 ,9 1 7 2 ,7 7 9 ,5 5 8 2 ,8 6 5 ,9 8 7 2 ,9 0 8 ,0 2 8 2 ,8 7 7 ,7 6 8 5 ,5 8 8 ,5 2 9 4 ,4 4 8 ,4 7 1 5 ,4 4 5 ,0 2 9 2 ,5 4 0 ,5 5 6 5 ,0 2 5 ,1 0 5 1 ,5 2 5 ,8 6 8 •797,054 469,495 299,177 215,904 156,547 125,578 9 9 ,119 82,566 256,019 139,857 83,645 91,105 45,357 25,064 15,535 9 ,995 7 ,0 8 5 5 ,012 11,564 5,948 1 ,872 896 891 599 446 177 114 41 55 12 9 8 7 .1 8 2 .4 1 4 .3 9 4 .7 5 4 .9 1 5.1 5 5 .2 5 5 .2 8 5.4 4 5 .5 2 5 .4 7 1 0 .2 5 8.4 5 6 .5 4 4 .8 2 5.7 5 2 .8 9 1 .5 1 .8 9 .5 7 .4 1 .5 0 .2 4 .1 9 .1 6 .4 9 .2 7 .1 6 .1 7 .0 9 .0 5 .0 5 .02 .0 1 .0 1 .02 .0 1 (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) W 5 2 ,6 5 5 ,5 6 4 4 8 ,8 7 5 ,5 5 1 4 7 ,6 0 6 ,5 3 9 4 5 ,2 9 3 ,7 8 2 4 2 ,8 0 2 ,9 1 6 4 0 ,2 1 7 ,0 8 0 3 7 ,5 0 6 ,1 2 0 54,7 4 4 ,2 0 3 51,9 6 4 ,8 4 5 2 9 ,1 0 0 ,8 5 8 2 6 ,1 9 2 ,8 5 0 2 5 ,3 1 5 ,0 6 2 1 7 ,9 2 6 ,7 3 5 1 5 ,4 7 8 ,2 6 2 1 0 ,0 5 5 ,2 5 5 7 ,4 9 2 ,8 7 7 4 ,4 6 7 ,7 7 2 2 ,9 4 3 ,9 0 4 2 ,1 4 6 ,8 5 0 1 ,6 7 7 ,3 5 5 1 ,3 7 8 ,1 7 8 1 ,1 6 2 ,2 7 4 1 ,0 0 5 ,9 2 7 880,549 781,450 699,064 445,045 305,208 219,563 128,458 85,101 58,037 42,502 32,507 25,424 20,412 8 ,8 4 8 4 ,9 0 0 3,028 2 ,152 1 ,2 4 1 842 596 219 105 64 29 17 8 100.00 9 2 .82 90.41 8 6 .02 8 1 .2 9 7 6 .5 8 7 1 .2 5 6 5 .9 8 6 0 .7 1 5 5 .27 4 9 .74 4 4 .2 8 34.05 2 5 .6 0 1 9 .0 5 1 4 .2 5 8 .4 8 5 .5 9 4 .0 8 3 .1 9 2 .6 2 2 .2 1 1 .9 1 1 .6 7 1 .4 8 1 .3 5 .8 4 .5 8 .42 .2 4 .1 6 .1 1 .0 8 .0 6 .0 5 .0 4 .02 .0 1 .0 1 (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6 ) (6> 3 ,7 8 0 ,0 1 3 5 ,0 4 9 ,0 2 5 7 ,3 6 1 ,7 8 2 9 ,8 5 2 ,6 4 8 1 2 ,4 3 8 ,4 8 4 1 5 ,1 4 9 ,4 4 4 1 7 ,9 1 1 ,5 6 1 2 0 ,6 9 0 ,7 1 9 2 5 ,5 5 4 ,7 0 6 2 6 ,4 6 2 ,7 3 4 2 9 ,3 4 0 ,5 0 2 5 4 ,7 2 8 ,8 3 1 39,1 7 7 ,5 0 2 42,6 2 2 ,5 5 1 4 5 ,1 6 2 ,6 8 7 4 8 ,1 8 7 ,7 9 2 4 9 ,7 1 1 ,6 6 0 50,5 0 8 ,7 1 4 5 0 ,9 7 8 ,2 0 9 5 1 ,2 7 7 ,5 8 6 51,4 9 5 ,2 9 0 51,6 4 9 ,6 5 7 5 1 ,7 7 5 ,0 1 5 51,8 7 4 ,1 5 4 5 1 ,9 5 6 ,5 0 0 5 2 ,2 1 2 ,5 1 9 5 2 ,5 5 2 ,3 5 6 52,4 5 6 ,0 0 1 5 2 ,5 2 7 ,1 0 6 52,5 7 2 ,4 6 3 52,5 9 7 ,5 2 7 52,6 1 3 ,0 6 2 52,6 2 5 ,0 5 7 5 2 ,6 5 0 ,1 4 0 5 2 ,6 5 5 ,1 5 2 5 2 ,6 4 6 ,7 1 6 5 2 ,6 5 0 ,6 6 4 5 2 ,6 5 2 ,5 5 6 52,6 5 5 ,4 3 2 5 2 ,6 5 4 ,3 2 5 52,6 5 4 ,7 2 2 5 2 ,6 5 5 ,1 6 8 52,6 5 5 ,3 4 5 5 2 ,6 5 5 ,4 5 9 5 2 ,6 5 5 ,5 0 0 52,6 5 5 ,5 5 5 52,6 5 5 ,5 4 7 5 2 ,6 5 5 ,5 5 6 52.6 5 5 .5 6 4 5 2 ,6 5 5 ,5 6 4 1 0 0.00 - - - 404,554 (7 ) 5 5 ,0 6 0 ,0 9 8 (7 ) - - - 7 .1 8 9.5 9 13.98 18.7] 23.62 28 .7 7 54.02 39.29 44.75 50.26 55.72 65 .9 5 74 .4 0 80 .9 5 es.ii 91 .5 2 94 .4 1 95 .9 2 96.81 97.36 97.7S 98.06 9 8 .5 ! 98.52 98.67 99.16 99.42 99.56 99.76 99.84 99.86 99.92 99.94 99.96 99.96 99.96 99.96 99.96 99.96 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 99.99 100.00 Sim ple d is t r i b u t i o n Amount 1 ,2 6 5 ,0 6 8 855,027 2 ,0 2 5 ,4 1 6 2 ,8 0 4 ,0 3 3 5 ,5 4 7 ,0 5 7 4 ,3 9 9 ,7 7 1 5 ,1 7 9 ,2 2 1 5 ,9 0 2 ,5 5 2 6 ,8 0 1 ,7 4 9 7 ,6 3 2 ,6 8 0 8 ,2 6 9 ,4 8 8 1 7 ,4 7 0 ,3 0 0 1 6 ,6 5 6 ,8 9 2 1 4 ,6 0 0 ,5 9 1 1 2 ,1 0 7 ,1 6 0 1 6 ,4 8 6 ,SOS 9 ,8 2 0 ,0 0 5 5 ,9 5 7 ,5 1 5 3 ,9 7 0 ,9 1 1 2 ,8 5 1 ,1 3 2 2 ,2 6 1 ,0 1 1 1 ,7 9 5 ,8 8 5 1 ,5 6 3 ,7 2 0 1 ,3 3 5 ,3 7 5 1 ,1 9 2 ,9 5 1 4 ,5 9 6 ,9 9 0 5 ,1 1 0 ,4 8 5 2 ,2 8 1 ,5 8 1 5 ,1 2 6 ,8 7 5 2 ,0 1 7 ,2 0 5 1 ,5 6 7 ,0 6 7 1 ,0 0 5 ,7 6 1 746,954 599,859 474,876 1 ,5 8 6 ,5 1 9 676,791 414,803 244,255 504,553 1 7 7,646 268,645 150,817 158,581 72,105 83,457 41,678 3 9 ,599 5 7 .9 8 9 - 179,8 7 4 ,4 7 8 P ercen t of to ta l 0 .7 0 .48 1 .1 3 1 .5 6 1.97 2 .4 5 2 .8 8 3 .2 8 3.7 8 4.2 4 4 .6 0 9 .7 1 9 .2 5 8 .1 2 6 .7 5 9.1 7 5 .4 6 3 .3 0 2 .2 1 1 .5 7 1 .2 6 1 .0 0 .87 .74 .66 2 .4 4 1 .7 5 1 .2 7 1 .7 4 1 .1 2 .7 6 .5 6 .42 .35 .2 6 .77 .58 .25 .14 .17 .1 0 .15 .0 8 .08 .04 .05 .02 .02 .0 5 100.00 £^726,202 (7) I ^ 1 7 9 ,1 4 8 ,2 7 6 (7 ) Cumulative d i s t r i button from h ig h e st income c l a s s P ercent Amount of to ta l 17 9 ,8 7 4 ,4 7 8 1 7 8,609,410 17 7 ,7 5 4 ,3 8 3 1 75,728,967 172,9 2 4 ,9 5 4 169,5 7 7 ,8 7 7 16 4 ,9 7 8 ,1 0 6 1 59,798,885 15 5 ,8 9 6 ,5 3 3 147,094,784 139,4 6 2 ,1 0 4 151,1 9 2 ,6 1 6 U 5 , 722,516 97,0 8 5 ,4 2 4 8 2 ,4 8 5 ,0 3 3 7 0 ,5 7 7 ,8 7 5 5 3 ,6 9 1 ,3 6 8 4 4 ,0 7 1 ,3 6 ! 38,1 3 3 ,8 4 8 3 4,162,937 3 1 ,331,805 2 9 ,0 7 0 ,7 9 4 2 7 ,2 7 4 ,9 1 1 2 5 ,7 1 1 ,1 9 1 2 4 ,5 7 5 ,8 1 6 2 5 ,1 8 2 ,8 6 5 1 8 ,7 8 5 ,8 7 5 1 5 ,6 7 5 ,3 9 2 1 5 ,5 9 4 ,0 1 1 1 0 ,2 6 7 ,1 3 6 8 ,2 4 9 ,9 3 1 6 ,8 8 2 ,8 8 4 5 ,8 7 9 ,1 0 3 5,1 5 2 ,1 4 9 4,5 5 2 ,2 9 0 4 ,0 5 7 ,4 1 4 2 ,6 7 0 ,8 9 6 1 ,9 9 4 ,1 0 4 1 ,6 7 9 ,5 0 1 1 ,5 5 5 ,0 4 6 1 ,0 5 0 ,5 1 5 852,865 584,224 453,407 294,826 222,721 159,264 97,588 57,989 Cumulative d i s t r i b utton from lo w e st Sim ple d is t r i b u t i o n income c l a s s P ercen t P ercen t Amount of Amount of to ta l to ta l 1 0 0 .0 0 1 ,2 6 5 ,0 6 8 0 .7 0 9 9 .50 2 ,1 2 0 ,0 9 5 1 .1 8 98.82 4 ,1 4 5 ,5 1 1 2 .5 0 97.70 6 ,9 4 9 ,5 4 4 3.86 96.14 1 0 ,4 9 6 ,6 0 1 • 5.8 4 9 4 .16 1 4 ,8 9 6 ,3 7 2 8.2 8 91.72 2 0 ,0 7 5 ,5 9 5 1 1.16 8 8 .84 2 5 ,9 7 7 ,9 4 5 14.44 8 5 .5 6 5 2 ,7 7 9 ,6 9 4 18.22 8 1 .7 8 4 0 ,4 1 2 ,3 7 4 22.47 7 7 .5 5 4 6 ,6 8 1 ,8 6 2 27.06 72 .9 4 6 6 ,1 5 2 ,1 6 2 36.78 65.22 8 2 ,7 8 9 ,0 5 4 46.05 5 3 .97 9 7 ,5 8 9 ,4 4 5 54.14 60.87 4 5 .8 6 10 9 ,4 9 6 ,6 0 5 39.15 1 2 5 ,9 8 5 ,1 1 0 70.04 29 .9 6 1 3 5 ,8 0 3 ,1 1 5 75.50 2 4 .5 0 1 4 1 ,7 4 0 ,6 5 0 7 8.80 2 1 .2 0 145,7 1 1 ,5 4 1 81.01 1 8 .9 9 1 4 8 ,5 4 2 ,6 7 3 82.58 1 7 .42 150,8 0 5 ,6 8 4 83.84 1 6 .16 152,5 9 9 ,5 6 7 84.84 1 5 .16 15 4 ,1 6 5 ,2 8 7 85.71 1 4 .2 9 155,4 9 8 ,6 6 2 86.45 1 5 .55 1 5 6 ,6 9 1 ,6 1 5 87.11 1 2 .8 9 16 1 ,0 8 8 ,6 0 5 89.56 1 0 .44 16 4 ,1 9 9 ,0 8 6 91.29 8 .7 1 166,4 8 0 ,4 6 7 92.55 7 .4 5 169,6 0 7 ,3 4 2 94.29 5 .7 1 1 7 1,624,547 95.41 4 .5 9 17 2 ,9 9 1 ,6 1 4 96.17 3 .8 5 175,9 9 5 ,3 7 5 96.75 3.27 1 7 4 ,7 4 2 ,5 2 9 97.15 2.8 5 1 7 5 ,5 4 2 ,1 8 8 97.48 2 .5 2 17 5 ,8 1 7 ,0 6 4 97.74 2 .2 6 177,2 0 5 ,5 8 3 98.52 1 .4 8 17 7 ,8 8 0 ,3 7 4 9 8.89 1 .1 1 Ì7 8 ,2 9 6 ,1 7 7 99.12 .8 8 1 7 8 ,5 5 9 ,4 5 0 99.26 .74 1 7 8 ,8 4 5 ,9 6 3 9 9.45 .57 1 7 9 ,0 2 1 ,6 0 9 99.55 .4 7 17 9 ,2 9 0 ,2 5 4 99.68 .32 1 7 9 ,4 4 1 ,0 7 1 99.76 .24 1 7 9,579,652 99.84 .1 6 179,6 5 1 ,7 5 7 99.88 .1 2 17 9 ,7 5 5 ,2 1 4 99.92 .0 8 1 7 9 ,7 7 6 ,8 9 0 99.95 .0 5 1 7 9 ,8 1 6 ,4 8 9 99.97 .0 5 1 7 9 ,8 7 4 .4 7 8 100.00 2 ,4 7 0 57,867 79,410 117,669 179,800 235,525 290,776 557,094 416,807 474,177 1 ,0 6 1 ,8 8 6 1 ,1 1 5 ,5 5 5 1 ,0 7 8 ,5 9 5 965,188 1,50 2 ,3 3 5 999,266 654,927 472,667 354,505 296,894 246,567 225,583 201,507 186,828 757,996 615,581 505,858 791,446 590,640 446,682 357,167 281,649 236,089 195,419 613,196 528,914 209,588 129,918 165,728 97,526 152,615 87,266 82jS42 44,275 48,855 25,401 25,509 54,390 0.0 1 .21 .45 .6 4 .98 1.2 7 1 .5 8 1.9 4 2.27 2 .5 8 5.7 8 6 .0 7 5.87 5 .2 5 8.1 8 5.44 5 .5 6 2.57 1 .9 3 1 .6 2 1.3 4 1 .2 5 1 .1 0 1.0 2 4 .1 5 3.55 2 .7 5 4.5 1 3.21 2 .4 3 1 .9 4 1 .5 5 1 .2 8 1 .0 6 3.5 4 1 .7 9 1 .1 4 .71 .90 .55 .85 .47 .45 .24 .27 .1 4 .14 .1 9 Tax liability i/ Cum ulative d i s t f u button from h ig h e st income c l a s s P ercen t Amount of to ta l 18,374,922 1 8 ,372,452 1 8 ,354,585 18,255,175 1 8 ,157,506 17,9 5 7 ,7 0 6 17,724^381 17,435',605 1 7 ,076,511 1 6 ,659,704 16,185,527 1 5 ,123,641 1 4 ,0 0 8 ,2 8 6 1 2 ,929,691 1 1 ,964,505 1 0 ,462,168 9 ,4 6 2 ,9 0 2 8,80 7 ,9 7 5 8 jS 3 5 ,5 0 8 7 ,9 8 0 ,8 0 5 7 ,6 8 5 ,9 1 1 7 ,457,544 7 ,2 1 1 ,7 6 1 7 ,0 1 0 ,2 5 4 6,82 3 ,4 2 6 6 ,0 6 5 ,4 5 0 5,45 0 ,0 4 9 4 ,9 4 4 ,1 9 1 4 ,1 5 2 ,7 4 5 5 ,5 6 2 ,1 0 5 5,11 5 ,4 2 3 2 ,7 5 8 ,2 5 6 2,476 ,6 0 7 2 j2 4 0 j5 1 8 2,04 5 ,0 9 9 1 ,4 3 1 ,9 0 3 l j l 0 2 ,9 8 9 *895j601 765,683 597,957 500,451 547,816 260j550 178,208 133,953 85,100 59,899 54,590 100.00 99.99 99.78 9 9.55 98.71 97.75 96.46 94.88 92.95 90.67 8 8.08 8 2.51 76.24 70.57 6 5 .1 1 56.94 51.50 47.95 45.56 45.43 41.82 4 0 .4 8 39.25 58.15 57.15 53.01 2 9.66 26.91 2 2 .6 0 1 9.59 1 6.95 1 5.01 1 5 .4 8 1 2.19 1 1.15 7 .7 9 6 .0 0 4 .8 6 4 .1 6 3.2 5 2.7 2 1 .8 9 1 .4 2 .97 .75 .46 .¿ 2 .1 9 - - - - 1 8 ,5^4,922 100.00 • • - - - - 18 ,3 7 4 ,9 2 2 100.00 - - Cumulative d i s t r i b utton from lo w est income c l a s s P ercen t Amount of to ta l 2 ,470 0 .0 1 40,337 .22 119^747 •65 237*416 1 .2 9 417,216 2 .2 7 650,541 5.54 941Í517 5.12 1,29 8 ,4 1 1 7.0 7 1 ,7 1 5 ,2 1 8 9.5 5 2 jl8 9 jS 9 S 11.92 5 ,251,281 1 7 .6 9 4 ,5 6 6 ,6 5 6 2 5 .7 6 5 ,4 4 5 ,2 5 1 2 9.65 6 ,4 1 0 ,4 1 9 54.89 7 ja i2 '7 S 4 43.06 8 ,9 1 2 j020 4 8.50 9^566,947 52.07 10,059,614 54.64 1 0 j5 9 4 jll 7 56.57 1 0 j 691j o l i 58.18 10,937,578 59.52 1 1 ,163,161 6 0.75 1 1 jî6 4 ,6 6 8 61.85 62*87 I lj5 5 l j 4 9 6 66,99 12¡309j492 1 2 j924j87S 7C.54 lS j4 3 0 j7 3 1 7 5.09 14,222,177 77.40 1 4 ,8 1 2 j817 80.61 15,259,499 85.05 is j6 1 6 j6 6 6 84.99 1 5 j8 9 8 jsi5 86.52 16 j 154j 404 87.81 88.87 1 6 js2 9 j8 2 3 16 j 945,019 92.21 1 7 j2 7 lj9 5 5 94.00 1 7 ¡4 8 ljS 2 1 95.14 1 7 je il j2 5 9 95.84 17j776j965 96.75 1 7 j874j491 97.28 98.11 1 8 j0 2 7 jl0 6 1 8 jl l4 jS 7 2 98.58 1 8,196j714 99.03 18,2 4 0 j 969 99.27 is j2 8 9 j8 2 2 99.54 1 8 ,515,225 99.68 1 8 ,340,552 99.81 1 8 ,574.922 100.00 2 5 4 5 6 7 8 9 10 11 12 IS 14 15 16 17 18 19 222210 25 24 25 26 27 28 29 50 51 52 55 54 55 56 57 58 59 40 41 42 45 44 45 46 47 48 49 50 51 - * 52 F o r fo o t n o t e s , se e pp . 9 -1 0 j f o r e x te n t t o which d a ta a r e e stim a te d , se e p p . 3 - 4 , cn 712 T ab le 2 . - I n d iv id u a l re tu r n s f o r 1 9 50, by ta x a b le and nontaxable re tu r n s and by a d ju ste d g ro ss income c l a s s e s ) Number o f r e tu r n s, Income o r l o s s from each o f th e so u rces com prising a d ju ste d g r o s s income, a d ju ste d g r o s s income, exem ption, t a x l i a b i l i t y , t a x paym ents, and ta x overpayment f o r a l l r e tu r n s ; a ls o s e le c te d item s f o r re tu r n s w ith ite m ize d deductio n s PART I . - ALL RETURNS A djusted g r o s s income c l a s s e s 1 / 1 2 5 4 S 6 7 8 9 LO 1112 13 14 16 16 17 18 19 20 22 21 23 24 26 26 27 28 29 30 51 52 85 54 56 56 57 58 59 40 41 42 45 44 46 46 47 48 T axable r e tu r n s : under 0 .7 5 0 .7 5 under 1 1 under 1 .2 5 1.2 5 under 1 .5 1 .5 under 1 .7 5 1 .7 5 under 2 2 under 2 .2 5 2 .2 5 under 2 .5 2 .5 under 2,7 5 2.7 5 under 3 5 under 3 .5 5 .5 under 4 4 under 4 .5 4 .5 under 5 5 under 6 under 7 7 under 8 under 9 9 under 10 under 11 under 12 12 under 15 15 under 14 14 under 15 15 under 20 20 under 25 25 under 30 50 under 40 40 under 50 50 under 60 60 under 70 70 under 80 80 under 90 90 under 100 100 under 150 150 under 200 200 under 250 250 under 500' 500 under 400 • 400 under 500 500 under 750 750 under 1 ,0 0 0 1 .0 0 0 under 1 ,5 0 0 1 ,5 0 0 under 2 ,000 2 .000 under 5 ,000 5 .0 0 0 under 4 ,0 0 0 4.000 under 5 ,0 0 0 5 .0 0 0 o r more T o t a l ta x a b le re tu r n s N ontaxable r e tu r n s) 5 2 / No a d ju ste d g r o s s income 5 / Under 0 .6 0 .6 under 0 .7 5 0 .7 5 under 1 1 under 1.2 5 1 .2 5 under 1 .5 1 . 5 under 1 .7 5 1 .7 5 under 2 2 under 2 .2 5 2.2 5 under 2 .5 2 .5 under 2 .7 5 2.7 5 under 5 5 under 3 .5 5 .5 under 4 4 under 4 .5 4 .5 o r more T o ta l n ontaxable re tu r n s Grand t o t a l T axable r e t u n s w ith a d ju ste d g r o s s income under $5,000 and nontaxable re tu rn s Taxab le re tu r n s w ith a d ju ste d g r o s s income o f >5.000 o r more 0.6 6 8 10 11 T o ta l number o f re tu r n s 368,453 1,201^660 l) l5 5 ) 5 1 5 1^507^851 1^693^386 1^640^026 2)067)055 2,065^115 2*163^146 2,422^594 4^593^587 4)075)219 3Ì30CL418 2 ,4 3 9 ,9 8 2 3^025^105 1^523^868 '7 9 7 *0 5 4 469,495 2 99 )177 2 15 )9 0 4 156)347 125)578 99)119 82*566 256^019 159^837 9 l)lO S 45^557 S a la r ie s and wages 1 0 / 227,528 940,360 1 ,1 78)077 1)807)977 2)397)459 2)745)411 S)856)034 4)563)584 5)124)584 6)226)120 13)545)057 13)8 7 9 )0 5 4 12)632)244 10)524)141 14)438)855 8)126)991 4)519)041 2)701)975 1)728)593 1)288)780 *946)927 777)951 621,657 5 4 0 )l9 9 1,8 5 5 )5 0 9 l)2 0 S )S 9 4 *847)817 1 ,0 8 8 )5 7 1 *679^946 2 5 )0 6 4 4 5 4 )4 3 0 15^535 506)765 2 2 l)5 0 5 166)157 128)255 S50)615 133)105 7 l)5 8 2 35)825 57^678 19^960 20^904 5*923 3*632 1*479 1*9 6 2 *229 221 170 9 )9 9 5 7^083 5 )0 12 11*564 3^948 l)8 7 2 *896 891 599 446 177 114 41 55 12 9 8 «& TAB 404,534 3 ,7 8 0 ,0 1 3 900,559 1 ,1 1 1 ,0 9 7 1 ,3 3 5 ,3 5 1 1 ,0 7 7 ,9 8 5 1 ,0 1 7 ,5 7 4 1 ,1 2 1 ,8 9 1 712,305 798,872 7 4 4,882 455,174 794,942 573,252 144,611 1 0 0 ,5 7 4 A nn uities D ividends 1 1 / [n te r e st 12/ and pensions 1 5 / 2,159 6,746 1 0 ,756 1 8 ,246 24,799 2 3 ,771 53,055 59,353 44,198 43)550 99)094 95,600 102,733 102,622 1 96,690 165,166 146,476 142,672 131)142 117)555 1 0 7,774 109,105 99,819 91,459 598,190 555,540 267,081 425,495 355)441 247)861 198,554 160,905 159,496 120)079 586)592 205)692 156,449 68,Iff! 1,065 6 ,472 6,992 14,139 25,422 23,512 22,922 25,124 23,795 31,766 58,560 52,602 63,953 55,218 98,559 75,356 53,619 49,857 41,150 35,784 33,476 27,474 25,242 23,243 9 2 ,049 66,683 55,721 77,503 49,212 52,531 23,707 17,681 1 5 ,825 10,959 51,302 1 4 ,514 9,277 4,4 7 0 5,457 5 ,856 4,549 2 ,686 1 ,9 1 8 625 995 172 56 2 .584 109)525 74)661 98)206 60,616 50,155 32,057 2 9 ,7 4 4 12,585 16)928 57*756 199' mUT-fiM ------ S 617 fiTff ---- 1-55075 116,998 1 ,0 9 5 ,0 1 5 435,324 644,556 1 ,0 0 5 ,0 2 2 1 ,0 1 2 ,8 7 5 1 ,1 6 7 ,7 0 9 1 ,5 5 6 ,5 4 6 1 ,1 4 9 ,8 4 5 1 ,5 1 0 ,8 0 5 1 ,5 5 8 ,8 9 0 1 ,0 8 7 ,2 4 1 2 ,1 1 5 ,3 5 7 1 ,1 7 9 ,7 5 7 511,424 394,014 U,878,416 16.5877186 26,795 15,255 11,478 25,640 27,398 2 6 ,704 1 7 ,7 5 4 2 1 ,952 11,142 10,406 8 ,440 5,6 5 1 8,5 9 2 4,481 5,170 1 8 ,9 6 6 1 2 ,706 1 9 ,5 7 1 1 1 ,4 7 4 25,145 2 7 ,651 25,747 1 7 ,516 13,616 11,757 8 ,2 6 3 7 ,5 4 0 3 ,821 5 ,245 2,989 2 ,4 6 4 6,729 --6(557m 43,2 8 8 ,5 7 7 5 ,2 7 1 ,4 0 7 986,030 R ents and r o y a lt i e s 1 4 / Net’ 'l o s s B u sin ess and p r o fe s s io n 1 5 / p a rtn e rsh ip 1 6 / 4,858 15,533 19,591 39,472 44,681 46,027 82 ,0 5 4 87,727 90,686 124,459 228,214 267,017 244,900 260,990 441,614 372,958 512,280 291,215 255,597 233,600 202,961 195,451 179,585 167,469 655,594 531,980 396,470 561,965 565,973 260,795 195,956 140,859 110,688 84,306 252,852 104,599 52,805 26,424 30,3 5 4 10,615 16,593 4,282 4,715 612 1 ,2 8 4 2 ,890 ---- 577T9T7) 2.5Ô274Ô5 "2537(55! 15.6&£«&£h (53) 1 ,7 1 4 2,364 9,265 8 ,8 6 5 10,947 14,148 15,580 22,883 23,386 41,422 52,492 34,094 22,072 40,975 29,570 18,096 16,185 12,991 12,786 9,145 16,415 9 ,516 7 ,928 29,57S 22,685 16,447 25,650 15,146 10,682 7 ,6 4 5 6,490 5,690 4,646 16,664 10,510 4,470 2,985 3,508 5,116 5,698 2,459 1,514 494 1,805 451 275 118 6 0 8 , 'Vói 8.01 4 .8 7 6 16,785 1 1 4,250 81,526 173,159 282,655 280,533 524,054 369,651 245,845 ■ 268,989 265,247 155,472 515,802 151,106 7 1 ,1 9 4 8 4 ,0 1 4 758,250 47,672 14,058 23,245 21,069 32,273 11,370 20,365 9 ,7 8 0 11,755 6,145 9,587 6,779 4,992 2,491 10,049 21.058 21,497 14,868 25,491 58,575 45,721 45,512 60.058 39,816 48,754 48,329 52,781 66,273 28,500 10,185 17,655 454 2,873 2,166 8,120 20,721 11,030 12,109 8 ,371 15,069 14,132 20,560 1 2 ,842 1 7 ,9 6 6 1 6 ,1 « ) 2 1 ,574 12,697 11,598 7,187 5,619 4,078 4,569 5,399 2 ,684 2,465 8 ,7 4 0 5 ,460 5 ,9 1 1 6,045 5,267 2,445 1 ,5 6 8 1 ,4 4 2 966 871 2,577 1 ,116 854 544 456 257 248 105 85 50 128 11 56 51 3,156 14,975 17,579 31,594 43,691 45,885 56,612 57,462 54,521 68,507 132,131 127,756 134,457 115,722 203,828 144,854 121,502 8 9 ,083 75,045 67,391 57,598 50,525 47,400 45,416 157,472 106,199 85,525 1 16,100 70,646 47,678 34,651 25,546 20,995 1 4 ,5 4 3 46,095 20,212 11,106 6 ,976 7,407 6,1 2 5 4,597 5,468 1,4 7 8 1 ,159 1 ,910 17 479 5 (33) 1 ,5 9 2 1,158 3,559 5,213 5,271 5,536 7 ,5 1 6 6 ,4 6 1 1 0 ,925 17,575 18,477 1 9 ,410 1 2 ,791 20,401 1 3 ,5 5 2 8 ,2 2 3 9,439 5,040 3,6 0 8 4,057 2 ,790 2 ,570 2,549 9 ,1 6 5 7 ,0 1 4 4,665 6,174 4,057 2,205 1 ,9 5 2 1 ,167 820 1 ,2 6 9 3 ,012 1 ,2 7 0 841 457 1 ,015 215 398 123 60 47 49 1 9 ,9 6 ! 49,576 48,156 149,546 172,221 162,762 298,649 299,354 313,616 414,265 773,894 749,015 727,082 650,573 956,512 784,798 642,578 571,854 498,411 420,179 365,716 355,795 289,013 265,407 980,517 657,762 466,571 580,594 555,050 195,024 127,451 87,545 64,948 4 5 ,7 0 4 108,929 45,033 1 9 ,243 8 ,1 1 5 1 2 ,167 2,947 5 ,9 7 2 4,033 4,147 99 1 ,095 22 545 2,048 4,206 6 ,9 2 4 15,341 50,871 20.526 21.527 14,822 8 ,725 9 ,015 5 ,8 4 1 1 .749 2,529 40,797 50,527 5 4 ,811 7 0 ,570 85,899 60,752 48,741 55,261 58,948 59,660 50,055 15,782 2 4 ,572 1 3 ,844 8 ,150 1 5 .8 9 4 47,295 1 1 ,600 5 ,0 7 4 2,455 3,975 4,5 5 1 1,365 2 ,636 4,505 2 ,212 2 ,0 5 6 757 1 ,849 1 ,467 1 ,832 5,595 (33) 2.7 5 0 3 ,425 (55) 125 (33) 905 6,565 605 1 ,9 1 4 1,569 3,175 4,449 7 ,280 7 ,310 8,802 5,725 8,526 11,832 10,278 4,601 3,602 2 ,872 3,556 3,470 3,056 2,845 9,770 7 ,026 5 ,278 6,505 7 ,025 5,549 5,205 2,600 2,522 1,452 4,863 2,672 1,515 1,117 1,512 755 1,728 1,115 590 251 550 177 42 20 1 6 8 , 874 817 5,851 4,203 12,451 16,779 10,407 17,566 19,894 27,143 37,148 65,066 66,303 85,777 72,919 132,642 155,665 113,340 92,503 74,110 69,856 56,585 52,168 49,896 45,462 178,165 134,689 101,002 160,529 114,755 85,785 69,888 55,555 51,152 44,374 156,605 98,251 68,851 47,469 67,952 45,697 88,787 43,591 49,920 16,178 31,555 15,528 8 ,100 12.402 5 .000.445 959 (33) 1,390 2,745 3,295 2,399 4,052 7 ,177 6,186 6 ,000 14,941 16,662 17,525 15,181 22,801 18,865 11,609 8,677 7 ,6 0 0 6 ,654 5,751 5,055 4,218 5,828 15,040 9 ,397 6,178 8,217 4,646 2,816 1,852 1 ,2 5 1 902 685 1,496 510 277 117 118 52 55 56 15 10 6 4 1 2 245,392 187,740 6,855 5,145 4,447 7 .5 9 8 4.599 6 ,5 0 4 5,805 77,520 16,430 5,435 15,024 18,710 16,728 18,042 16,385 12,968 10,452 9,825 8,441 11,897 7,552 3 ,805 8 .952 16,742 14,405 2,896 5 ,100 7,955 6 .716 5,507 4,946 4 ,974 5,058 4,405 2,825 1 ,523 1,555 1,359 1 .716 2,211 3,715 1,949 2 ,922 1 ,187 (53) (S 3 ) 3.077 Miss 1,259,150 514,956 116,857 S a le s o r exchanges o f c a p ita l a sse ts 17/ 1 ,6 9 0 ,6 0 5 1 18,028 8 ,8 5 7 ,3 2 6 369,520 6 ,4 5 8 ,8 6 7 2 è l,ë 7 Ï 69é,2ÎO 119,414 2,56 2 ,5 4 1 1 2 3 4 5 6 7 8 1190 112 15 14 15 16 17 18 19 2210 22 25 24 25 26 27 28 29 50 51 52 55 34 55 56 57 38 59 40 4L 42 45 44 45 46 47 48 49 SO SI 52 55 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 148,721 F or footnotes, see pp. 9—10; for extent to which data are estimated, see pp. 3— 1. Table 2« • Individual returns for 1950, toy 'taxable and nontaxable returns and by adjusted gross Income classess Number of returns. Income or loss f r o m each of the sources comprising adjusted gross Income, adjusted gross Income, exemption, tax liability, tax payments, and t ax overpayment for a l l returns; also selected Items for returns with itemised deductions - Continued 69 F or footnotes9 see p p . 9—1 0 ; for extent to which date are estimated] lee pp. 3— 4. Table 2* - Individual returns for 1950, toy taxable and nontaxatole returns and toy adjusted gross Income classest Number of returns. Income or loss f r o m each of the sources comprising adjusted gross income* adjusted gross Income, exemption, tax liability, tax payments, and t ax overpayment for a l l returns; also selected items fo r returns with itemised deductions - Continued PART I . - ALL RETURNS - Continued 1 2 3 4 5 6 7 8 9 1121 10 IS 14 15 15 17 18 19 21 20 22 23 24 25 26 27 28 29 50 51 32 S3 34 55 36 37 38 59 40 41 42 45 44 45 46 47 48 50 51 52 53 54 55 56 57 58 59 60 61 62 65 64 65 66 67 68 Income from e s t a t e s and 0 ,6 under 0 .7 5 . (S 3 ) 778 0 ,7 5 under 1 (53) (5 3 ) 1 ,619 1 under 1 .2 5 (S 3 ) (3 5 ) 2,860 1 .2 5 under 1 .5 (3 3 ) 1,597 2 ,618 1 .5 under 1.7 5 1 ,446 844 8,580 1 .7 5 under 2 1 ,4 8 1 2,727 9 ,552 2 under 2.2 5 2 ,744 1 ,716 10,146 2 .2 5 under 2 .5 899 1,493 7 ,747 2 .5 under 2,7 5 1,377 2,345 6 ,896 2 .7 5 under 3 2,138 1,247 12,568 5 under 5 .5 2,9 6 1 4*854 22,195 3 .5 under 4 3 ,227 7 ,473 16,935 4 under 4 .5 4,191 4,729 1 9 ,614 4 .5 under 5 6,067 6 ,581 14,948 5 under 6 8,417 8 ,523 41,849 under 7 3 f5o<5 4 ,221 28,217 7 under 8 5*167 5*555 37,219 under 9 4*065 2 ,590 54,252 9 under 10 5 ,1 9 4 1,7 1 9 31,410 under 11 2 ,976 1 ,986 3 2 ,154 under 12 1*605 1,2 9 6 30,423 under I S 2 ,070 1,299 29,395 15 under 14 1 ,1 9 2 1*351 28,599 1 4 under 15 1*785 1 ,1 1 7 2 5 ,064 15 under 20 4,462 4,368 99,245 under 25 3 ,571 5,2 2 6 8 8 ,5 2 6 25 under 30 2 ,109 1 ,945 78,612 30 under 40 2 ,392 2,998 117,563 40 under 50 1,4 5 5 2 ,721 8 4 ,575 50 under 60 1*095 1 ,6 5 2 71,009 60 under 70 662 964 56,495 70 under 80 662 783 44,559 80 under 90 150 519 36,066 90 under 100 151 529 35,020 100 under 150 416 1,159 114,135 150 under 200 450 816 67,668 200 under 250 34 227 5 1 ,258 250 under 300 117 181 50,706 300 under 400 65 448 59,516 400 under 500 18 562 17,807 500 under 750 40 40 54,621 750 under 1 ,0 0 0 8 1*065 29,855 under 1 ,5 0 0 14 197 24,815 1 ,5 0 0 under 2 ,0 0 0 52 20,568 " under 5 ,0 0 0 4 4 1 7 ,301 5 .0 0 0 under 4 ,000 13*070 • • 4 .0 0 0 under 5 ,000 61 13,809 * 5 .0 0 0 o r more 5 .580 T o t a l ta x a b le r e tu r n s 80.257 8 8 .3 5 2 1 .6 4 0 .4 2 0 Nontaxable r e tu r n s ; 3 2 / No a d ju ste d g r o s s Income 5 / 1 ,6 9 4 5 3 ,140 10,318 Under 0 .6 1 ,167 7 ,2 0 4 5 ,0 8 4 0 .6 under 0 .7 5 749 1 ,162 4,388 0 .7 5 under 1 1 ,5 0 2 5,981 5,035 1 under 1 .2 5 1 ,0 8 5 5 ,5 4 1 5,742 1 .2 5 under 1 .5 2,409 5,729 6 ,208 1 .5 under 1 .7 5 1*156 4,919 2,558 1 .7 5 under 2 4 * 415 2,878 5 ,717 2 under 2 .2 5 2 ,061 3,245 950 2 .2 5 under 2 .5 (5 3 ) 5,285 1 ,5 5 3 2 .5 under 2 .7 5 678 1 ,3 9 5 4,859 2 .7 5 under 3 340 (5 3 ) • 5 under 5 .5 1 ,045 2 ,580 1 ,653 3 .5 under 4 1 ,4 6 6 (3 3 ) 1 ,6 6 4 4 under 4 .5 (53) (3 3 ) (33) 4 .5 o r more M L. ------- 22,951 — 97 .0 9 4 ________-C T o ta l n ontaxable re tu r n s S9.64Ï Grand t o t a l 105.186 185.446 l.io o .o li Taxable re tu r n s w ith a d ju ste d g r o s s incorna 51,457 133,618 198,699 under $5,000 and nontaxable re tu r n s T axab le re tu r n s w ith a d ju ste d g ro e s income 5 1 ,731 51,828 1 ,5 0 3 ,5 7 3 o f $ 5 ,000 o r more PP« to which d a ta a r e estim ated . se e pp< 3-4« 6 8 10 11 12 20 1.000 2.000 M isce l laneous income 2 0 / 2,320 10,789 15,116 17,161 16,593 1 7 ,237 23,388 26,582 30,443 52,863 50,755 5 4 ,6 5 4 41,496 32,812 66,406 49,445 26,653 27,763 2 0 ,213 16,567 12,257 1 1 ,641 1 0 ,7 8 2 11,255 35,555 22,025 18,078 2 1 ,864 12,709 9 ,099 5 ,745 5 ,4 0 6 3,650 5,417 3,822 1 ,7 4 6 695 278 398 201 247 47 80 153 75 6 21 14 768,476 1 0 ,262 13,776 10,883 16,108 28,651 21.106 2 1 ,4 9 4 24,506 1 7 ,300 1 6 ,471 1 7 ,641 1 3 ,855 1 9 ,765 9 ,986 4,977 3.841 A djusted g ro ss incorna 2 / 261,501 1,049,301 1 ,2 9 7 ,7 3 ! 2,083,811 2,745,812 3 ,0 7 5 ,1 2 ! 4,387,731 4,903,162 5 ,691,288 6,9 6 1 ,1 0 7 14,912,416 15,2 4 2 ,5 7 0 15,9 8 8 ,0 8 6 11,5 6 9 ,6 0 5 1 6 ,4 8 6 ,5 0 5 9 ,8 2 0 ,0 0 5 5 ,9 5 7 ,5 1 5 3 ,9 7 0 ,9 1 1 2 ,8 3 1 ,1 3 2 2,261,011 1 ,7 9 5 ,8 8 3 1 ,5 6 3 ,7 2 0 1 ,3 3 5 ,5 7 5 1 ,1 9 2 ,9 5 1 4 ,3 9 6 ,9 9 0 5 ,1 1 0 ,4 8 3 2 ,2 8 1 ,3 8 1 3 ,1 2 6 ,8 7 5 2 ,0 1 7 ,2 0 5 1 ,5 6 7 ,0 6 7 1 ,0 0 3 ,7 6 1 746,954 599,659 474,876 1 ,5 8 6 ,5 1 9 676,791 414,603 244,253 304,555 177,646 268,645 150,817 1 5 8,581 72,105 83,457 41,676 39,599 57.989 1^0*545.122 8 /7 2 6 ,2 0 2 r ,265,068 595,526 976,107 1 ,5 0 6 ,5 0 0 1 ,4 6 3 ,2 4 6 1 ,6 5 5 ,9 5 9 2 ,1 0 6 ,0 9 8 1 ,5 1 4 ,6 2 1 1 ,8 9 8 ,5 8 7 1 ,9 4 1 ,3 9 7 1 ,3 0 8 ,3 8 1 2 ,5 5 7 ,8 8 4 1 ,5 9 4 ,3 2 2 612,305 557.555 rToß.oTT ” 9 / 1.7 9 .1 4 8 .2 7 6 Amount o f exemption 2 1 / 221,072 720,996 695,509 1 ,1 7 6 ,7 3 0 1 ,4 0 1 ,5 7 7 1 ,3 6 7 ,139 2 ,2 0 4 ,6 1 8 2 ,2 6 9 ,9 8 8 2 ,6 1 7 ,9 0 2 3 ,4 2 4 ,3 1 9 7 ,0 2 0 ,6 5 1 7 ,0 0 1 ,1 0 0 6 ,0 8 5 ,262 4 ,6 0 7 ,4 2 6 5 ,7 8 9 ,5 5 3 2 ,8 8 6 ,4 9 1 1 ,5 2 S ,0 1 5 894,534 574,950 417,728 306,145 246,200 195,735 162,712 510,469 282,271 169,716 184,005 91,555 49,927 30,520 19,560 13,776 9 ,6 2 1 21,937 7 ,370 5,461 1 ,591 1 ,577 691 779 290 188 58 56 14 15 15 SS.âôô.èéô 605,357 5 ,1 5 9 ,4 0 3 1 ,0 2 0 ,3 9 8 1 ,7 6 4 ,8 1 0 2 ,1 7 5 ,2 4 8 2 ,0 4 7 ,6 1 6 2 ,1 8 8 ,5 6 2 2 ,5 0 1 ,8 2 9 1 ,8 5 6 ,7 0 8 2 ,1 4 0 ,9 6 5 2 ,0 5 3 ,948 1 ,4 5 7 ,4 3 8 2 ,6 3 3 ,7 6 0 1 ,3 7 6 ,9 7 2 576,253 426.028 Tax l i a b ility 5/ 2,470 57,867 79,410 117,669 179,800 233,325 290,776 357,094 416,807 474,177 1 ,0 6 1 ,8 8 6 1 ,1 1 5 ,3 5 6 1 ,0 7 8 ,5 9 5 965,188 1,502 ,3 5 5 999,266 654,927 472,667 554,503 296,894 246,567 225,583 201,507 186,828 757,996 615,381 505,858 791,446 590,640 446,682 357,167 281,649 256,089 195,419 615,196 328,914 209,388 129,918 165,726 97,526 152,615 87,266 82,542 44,275 48,833 25,401 25,309 34.390 ■ a • • • • m .. • _ m • • Tax w ithheld 17,847 75,824 96,057 140,305 193,803 256,859 308,652 566,516 427,592 489,495 1 ,0 8 0 ,2 5 8 1,11 5 ,1 1 5 1 ,0 5 0 ,5 9 0 9 1 l)S 4 0 1 ,5 7 9 ,1 2 1 845,568 495,008 306,245 200,913 152,498 115,241 96,128 77,402 66,993 239,521 165,560 118,588 157,919 100,983 66,524 46,807 54,626 26,092 19,890 50,332 20,229 10,762 5 ,481 5,622 2,850 3,117 1 ,032 520 193 129 52 12 16 Payments on 1950 d e c la ra tio n 2 2 / 380 1 ,764 2,949 4,820 8,148 11,444 14,609 17,053 18,668 25,525 50,617 55,625 59,751 61,244 119,639 114)597 105,345 99,531 94,797 89,541 84,072 85,592 78,255 77,056 540,407 506,669 262,115 456,873 545,624 272,042 224)552 183,576 156,488 132,686 430,596 242,149 161,564 101,570 180,776 79,703 124,617 74,435 70,474 40,781 45)517 21,115 23,158 Sl'.114 9 ,787 81,1 1 4 24,278 22,185 S 5'508 28,076 28,705 37,951 20,685 27,554 28,063 16,380 35,782 19,485 10,608 10.815 20,677 8,273 1,170 3,362 3,447 4,055 4,031 4,496 2,812 2,128 1 ,515 1,187 3,565 1,511 1 ,066 5.366 Tax due a t time of filin g 445 5,456 10,986 14,287 22)306 25^148 28,791 34,430 57,094 41,558 90,855 98,847 99,246 95)535 142,955 117,805 100,268 91)585 78)513 70)417 62)584 58)872 55,539 S l)5 5 1 210)558 170)253 141,186 218)904 158,263 117,417 92,169 68,987 57,602 46,019 141)912 71,417 40,292 24,360 51)669 16)461 26)858 12,748 12,293 3)365 5,689 4,551 2 )l4 0 5.321 Overpayment (re fu n d , o r c r é d it on 16,205 45)179 S0)582 4 l)?4 2 44)456 40 )l0 5 61)256 60)705 66)547 8 0 )l9 6 159)844 154,251 130)791 100)950 159)380 78)504 45,691 24,696 19,525 15)562 l s ) 330 m m 4 5 6 7 8 9 10 1123 11 14 15 16 17 is)ooe 9*466 8 )7 7 1 52,489 25)082 16,027 22)248 14)251 9)301 6)542 5)539 4,094 5 )l7 5 9)443 4)681 5)230 l)4 9 5 2)362 l)4 8 7 l)9 7 7 '949 945 62 501 76 60 50*464 89*566 m m 12 5 2 5 )4 4 5 25)548 56)955 52)151 32)758 42)428 23)497 29)685 29)599 17)565 57*547 spssssaassispg A djusted g ro s s Income c l a s s e s 1 / c u e s o r excnanges oi p ro p erty o th er than c a p ita l a ss e ts 18/ Net g a in Net l o s s 20)995 11)663 16)172 620,807 9 /l0 8 ,7 7 0 ,4 0 3 8 5 .1 9 3 .0 6 4 6 8 ,7 9 4 ,9 85 6,41 0 ,4 1 9 6 ,9 4 2 ,5 8 5 398,846 3 .106.883 602,984 ¿.0 6 7 .9 0 8 1 ,5 5 3 ,9 8 5 398,267 70,3 7 7 ,8 7 3 1 4 ,5 9 8 ,0 79 11,9 6 4 ,5 0 5 4 ,8 0 7 ,9 5 4 5,18 4 ,5 8 2 2,505 ,8 9 9 533,925 —J M CO tabla 2• - Individual returns for 1960, by taxable and nontaxable raturns and by adjusted gross income classes: Busbar of returns, income or loss frau eaoh of tha s<raroes comprising adjusted gross income, adjusted gross income, exemption, tax liability, tax payments, and tax overpayment for all returns» also •alaotad items for returns with itemised deductions * Continued PART I I . - RETURNS WITH ITEMIZED DEIXJCTIONS 2 3 / Adjusted gross income z j taber of returns 1 2 3 « 6 6 7 8 9 10 11 18 18 14 18 16 1T 18 19 220 1 22 28 24 26 28 27 28 29 80 SI 88 88 84 86 8« »7 8 8 89 40 41 42 48 44 46 46 47 48 49 84/6,402 71,648 114,467 124,677 211,168 269,281 296,816 841,228 884,867 420,166 ,026,623 1,068,128 986,077 716,848 1,088,164 628,836 281,086 144,896 92,968 70,886 68,033 60,498 41,668 86,692 133,997 86,071 66,609 68,733 87,400 21,667 18,728 9,119 6,614 4,867 10,961 8,803 1,888 876 880 893 440 176 114 41 38 12 8,804 64,122 129,082 171,686 848,788 486,642 681,187 810,602 1,011,489 1,210,267 3,888,041 8.951.638 3,967,861 3,401,476 6,634,187 8,869,749 1,871,809 1,221,726 879,848 787,656 666,828 680,330 660,299 681,660 2,813,448 1,919,600 1,681,669 2.864.639 1,666,642 1,182,460 887,282 681,669 661,693 441,281 1,814,296 661,948 407,801 288,817 800,847 174,916 268,262 149,030 188,881 72,105 79,081 41,676 89,699 67.989 oaTT Losses BeJl' deutal, from Contribu Interest taxes 26/ eto., ex fire, tions 24/ 26/ storm, penses eto, 27/ 28/ 184 4,097 8,692 10,128 20,471 28,432 84.783 44,427 81,684 67,806 151,847 170,581 168,086 136,648 220,946 134,914 72,069 48,423 34,999 29,979 26,186 24,832 20,896 19.783 81,240 68,298 48.291 70,631 48,882 84,688 26,880 20,919 17,876 14,684 46,844 26,801 18,842 11.292 16.447 9,828 14.447 9,877 7,747 4,864 8,484 8,889 2,686 6.968 874 I, 2,622 4,639 9,887 18,145 18,541 26,019 34,296 106,761 132,641 189,158 124,887 192,882 118,984 60,443 87,247 26,381 20,897 17,994 16,608 18,862 II,608 44,601 80,991 22,090 81.486 20,266 14.486 10,678 7,869 6 ,886 6,026 16,634 7,832 4,916 2,664 8,168 2,180 2,647 1,106 641 842 212 68 98 184 88 2,406 6,810 890 6,717 12,891 18,906 28,486 81,401 39,778 49,162 188,728 169,698 167,898 136,342 226,647 184,621 76,188 60,376 86,886 80,716 28,194 26,082 28,483 22,466 92,482 78,984 67,726 94,221 67,480 89,706 29,249 22,179 18,077 14,802 43,091 20,609 12,908 7,831 9,903 6,806 7,112 4,284 4,086 1,668 2,246 829 966 862 646 1,170 1,378 2,867 3,681 4,714 4,668 6,676 13,296 20,278 22,617 16,880 29,129 18,466 12,164 6,770 4,286 4,860 3,069 2,730 2,497 2,116 8,844 6,484 4,795 6,920 4,783 8,896 2,862 2,297 1,949 1,728 4,848 2,806 1,689 1,009 1,648 879 1,138 817 411 167 862 15 14 total Miscel deduc laneous tions deduc tions 29/ 168 8,882 10,482 14,349 21,248 28,707 88,027 46,840 84.118 68,891 148,264 146,980 183,789 101,676 146,294 87.118 47,320 29,860 20,489 16,644 18,486 11,639 8,912 7,884 26,189 18,887 8,802 9,761 8,168 2,748 1,806 888 683 641 916 248 107 89 26 11 11 (88 ) dollars) Amount of exanp~ Net wet deficit income 30/ 395 1,876 12,646 8,244 80,663 6,168 40,839 10,429 71,052 15,329 104,129 19,878 154,847 26,899 169,820 32,668 207,799 82.469 283,801 106,063 668,982 127,661 767,679 186,067 757,016 138,866 647,179 236,462 l/K0,Zli 187,208 646,211 96,208 363,879 64.179 286,868 47,861 170,402 41,024 142,622 36,480 124,281 80,835 112,626 24,925 94,086 28.469 86,763 86,061 337,768 69,938 249,971 42,018 188,716 67,954 260,914 89,807 176,220 27.179 122,148 20,062 90,830 18,892 69,684 13,996 68,667 9,882 46,657 82,496 148,827 16,417 78,607 18,968 62,824 6,899 29,428 8,869 38,647 6,409 24,618 6,228 81,578 6,291 21,176 2,646 16,886 9,806 2,710 9,986 1,192 4,900 863 4,368 619 9.988 1.471 ÌÌT 3,410 61,476 98,418 151,848 272.781 582,416 496,840 640.782 808,689 976,487 2,669,108 8,194,160 8,210,887 2,764,299 4,683,974 2,728,689 1,607,980 986,872 27 3,241 1,616 42,929 6,082 68,674 7,887 86,880 15,660 188,781 24,748 289,162 54,875 296,607 42,986 894,466 68,276 467,682 66,809 592,023 184,268 1,809,498 230,761 1,870,408 266,162 1,742,028 234,681 1,410,651 442,913 2,068,641 294,656 1,049,182 179,424 600,248 126,908 288,228 96,777 186,286 86,674 141,484 81,192 119,085 81,728 101,860 76,657 84,920 76,140 78,937 871,564 274,470 369,952 177,011 329,713 117,120 681,862 189,817 476,660 76,879 379,676 .48,299 310,916 27,048 264,072 17,863 214,816 12,679 180,064 8,939 677,472 20,788 816,619 7,108 206,192 8,400 126,948 1,665 168,700 1,668 685 96,921 160,722 770 86,395 286 82,542 188 44,276 68 46,644 49 26,401 14 1 . 26,809 IS 84.890 16 i Ï M C r r . » w g -latore 16 (35) 140 602 214 8,013 1,826 747 7,848 1,628 766 10,896 8,604 1,468 19,887 3,467 2,674 80,918 4,488 2,941 42,322 6,221 4,008 68,481 6,862 4,949 69,188 6,444 6,640 79,088 14,782 14,664 222,024 18,688 16,169 271,970 16,896 18,819 287,161 16,633 17,262 266,090 83,010 86,218 466,286 28,146 52,626 288,078 19,178 80,828 167,966 18,006 26,226 97,240 16,078 26,411 67,878 14,406 24,919 66,187 18,922 27,228 48,283 14,967 29,987 46,521 16,179 28,970 38,360 14,842 81,474 88,944 77,688 166,667 160,162 76,666 188,966 116,167 76,669 90,233 1 176,298 829,964 189,088 181,486 286,288 118,841 89,901 91,204 286,167 60,808 74,294 198,648 48,780 58,626 167,921 82,642 49,708 148,972 24,996 40,484 128,696 19,066 409,887 128,182 49,008 66,488 19,889 ! 283,966 89,032 188,660 10,720 22,666 100,419 6,846 81,024 129,428 6,609 16,682 78,691 2,886 26,667 122,927 8,103 12,698 78,616 1,028 12,298 70,474 620 8,868 40,781 198 8,607 48,614 124 4,881 21,116 82 2,140 28,168 12 8.821 81,114 16 I'.KOT.Wy S.M2.Y5T H T B O B T 9,787 608,367 • 746,408 • 704 87,998 > 6,946 • 1,044 39,162 1 6,896 • 2,668 80,681 8 2,188 m 2,644 91,6661 B 2,981 m 4,174 168,048 1 1,147 m 4,977 142,271 3 1,610 m 8,618 124,1601 7 2,166 « 6,690 200,886i 6 1,428 m 6,482 166,814\ 7 1,578 m 6,191 169,691f 2 (38) m 6,901 204,284; 6 (88) 10,176 * 297,26!1 4 (88; 6,870 206,29]l 4 (88) m 6,422 166,7641 9 (88) m> 7,868 168,2645 1 17,209 :— B O B' ’ 1.307*51 grafora y g o r a riraw.*?*r T . T i o m ra.m.raa g t’tô.èôlfll.gfel r T T T S ^ p nttfîïE e - tax (Jrerpaydus at i19 nt (re time itend, or at <1redit on filing 3L961 tax) Uyaents tax lia- 1tax >n 1960 rithheld ‘ lility 3 / i ' teslaration 22/ J 8,SSS,SV4» e,»S1 .1 6 Sij tsU TpM O 20,677 897 186 986 840 778 1,424 1,688 1,868 777 672 711 2,661 1,2741 1,011> 8,804t •» — 3,99S p S N r • • • • • • • * « . • • ■ . * « « 182 2,215 4,838 4,839 8,998 12,804 14,847 19,724 21,712 26,668 67,112 74,276 68,204 66,864 82,600 49,188 28,646 14,662 11,086 8,986 8,284 8,490 6,863 6,619 22,884 18,758 12,486 18,778 12,426 6,602 6,762 6,817 8,869 8,041 9,066 4,708 3,220 1,486 2,862 1,487 1,964 942 946 82 601 78 60 T4Ì.44L 80,464 1,600 1,178 8,626 8,186 4,948 6,408 6,276 7,068 7,211 6,864 7,610 12,727 7,846 7,467 18.160 r' S O IT H m sr 391,899 1 1 1 1 1 1 1 1 1 1 1 ! i S i 1 i i i i 1 1 1 1 1 1 ! i : ' Footnote« 1/ Adjusted gross income classes are based on the amount of adjusted gross income (see note 2 ), regardless of the amount of net income or net deficit when computed; returns with ad justed gross deficit are designated "No adjust ed gross income" without regard to the amount and appear as the first class under nontaxa ble returns. Zj Adjusted gross income means gross in come minus allowable trade and business deduc tions, expenses of travel and lodging in con nection with employment, reimbursed expenses in connection with employment, certain deduc tions of life tenants and income beneficiaries of property held in trust, and allowable losses from sales or exchanges of property. Should these allowable deductions exceed the gross income, there is an adjusted gross deficit. 3/ Tax liability is the net tax payable after deducting tax credits relating to income tax paid at source on interest from tax-free covenant bonds and to income tax paid to a foreign country or possession of the United States. Such credits are reported on returns, Form 1040, with itemised deductions. 4/ This class includes nontaxable returns with adjusted gross income exceeding the desig nated class limit. 5/ Returns with no adjusted gross income are returns showing adjusted gross deficit; that is, returns on which the deductions allowable for the computation of adjusted gross income equal or exceed the gross income (see note 2 ). 6/ Less than 0.005 percent. 7/ Not computed. 8/ Adjusted gross deficit. 9/ Adjusted gross income less adjusted gross deficit. 10 / Salaries and wages include annuities, pensions, and retirement pay reported in the schedule for salaries, but exclude wages not exceeding $100 per return from which no tax was withheld, reported as other income on Form 1040A (see note 20). 11/ Dividends, foreign and domestic, exclude dividends not exceeding $100 per return reported as other income on Form 1040A (see note 20 ) and dividends received through partnerships and fiduciaries. 12/ Interest received includes interest on notes, mortgages, bank deposits, and interest (before amortization of bond premium) from cor poration bonds and from taxable and partially tax-exempt Government obligations, and also in cludes partially tax-exempt Government interest received through partnerships and fiduciaries; but excludes interest, not exceeding $100 per return, reported as other income on Form 1040A (see note 20). 15/ Income from annuities and pensions is only the taxable portion of amounts received during the year. Amounts received to the extent of 3 percent of the total cost of the annuity are reported as income for each taxable year, until the aggregate of amounts received and excluded from gross income in this and prior years equals the total cost. Thereafter, entire amounts received are taxable and must be in cluded in adjusted gross income. Annuities, pensions, and retirement pay upon which a tax is withheld may be reported in salaries and wages. 14/ Rents and royalties net profit is the e x c e s s if gross rents received over deductions for depreciation, repairs, interest, taxes, and other expenses attributable to rent income; and the excess of gross royalties over deple tion and other royalty expenses. Conversely, net loss from these sources is the excess of the respective expenses over gross income received. 15 / Net profit from business is the excess of gross'roceipts from business or profession over deductions for business expenses and the net oper ating loss deduction due to the unabsorbed net operating loss from business, partnership, and com mon trust funds for two preceding years. Con versely, net loss from business is the excess of business expenses and net operating loss deduction over total receipts from business. 16/ Partnership net profit or loss excludes partially tax-exempt interest on Government obligations and net gain or loss from sales of capital assets. In computing partnership profit or loss, charitable con tributions are not deductible nor is the net operating loss deduction allowed. 17/ Net gain or loss from sales or exchanges of capital assets is the net gain or the allowa ble loss used in computing adjusted gross income. Each is the result of combining net short- and long-term capital gain and loss and any capital loss carry-over from the years 1945-49, inclu sive, not previously deducted. Deduction for the loss, however, is limited to the amount of such loss, or to the net income (adjusted gross income if tax is determined from the tax table) computed without regard to gains and losses from sales of capital assets, or to $1 ,000, whichever is smallest. Sales of capital assets include worthless stocks, worthless bonds if they are capital assets, nonbusiness bad debts, certain dis tributions from employees’ trust plans, and each participant’s share of net short- and long-term capital gain and loss received through partnerships and common trust funds. 18/ N et gain or loss from sales or ex changes of property other than capital assets is that from the sales of (1 ) property used in trade or business of a character which is subject to the allowance for depreciation, (2) obligations of the United States or any of its possessions, a State or Territory or any political subdivision thereof, or the District of Columbia, issued on or after March 1, 1941, on a discount basis and - 10 - Footnotes - Continued payable without interest at a fixed maturity date not exceeding 1 year from date of issue, and (3 ) real property used in trade or busi ness. of the United States if any portion thereof is claimed as tax credit; and Federal social se curity and employment taxes paid by or for the employee. 19/ Income from estates and trusts exclude partially tax-exempt interest on Government obligations. (The net operating loss deduction is allowed to estates and trusts and is deducted in computing the distri butable income.) 27/ Losses resulting from fire, storm, shipwreck, or other casualty, or theft, reported on returns with itemized deductions, are the actual nanbuslness losses sustained, that is, the value of such property less salvage value and insurance or other reimbursement received. 20/ Miscellaneous income includes alimony received, prises, rewards, sweepstakes winnings, gambling prof its, recoveries of bad debts or insurance received as reimbursement for medical expenses if deduction for either was taken in a prior year. For returns with standard deduc tion, there are included $51,965,000 of wages not subject to withholding, dividends, and interest, not exceeding in total $100 per return, reported as other income on 661,558 returns, Form 1040A. 28/ Medical mad dental expenses, reported on returns with itemized deductions, paid for the care of the taxpayer, his spouse, or de pendents, not compensated by insurance or otherwise, which exceed 5 percent of the adjust ed gross income. The deduction cannot exceed an amount equal to $1,250 multiplied by the number of exceptions other than age and blind ness, with a maximum of $2,500, except that on a joint return of husband and wife the m aximum is $5,000. 21/ Amount of exemption, allowed for purposes of both normal tax and surtax, includes $600 per capita exemption for the taxpayer, his spouse, and each dependent, together with ad ditional exemptions for the taxpayer and/or his spouse, of $600 if blind, and $600 if 65 years of age or over. 29/ Miscellaneous deductions, reported on returns with itemized deductions, include alimony payments, expenses incurred in the production or collection of taxable income or in the management of property held for the production of taxable income, amortizable bond premium, the taxpayer's share of interest and real estate taxes paid by a cooperative apart ment corporation, and gambling losses not exceeding gambling gains reported in income. 22/ Payments on 1950 declaration of esti mated tax, reported on returns, Form 1040, include the credit for overpayment of prior year tax as well as the aggregate payments mad«» on the declaration, Form 1040-ES. 25/ Returns w i t h itemized deductions are long-form returns, Form 1040, on which non business deductions are itemized; long-form returns, Form 1040, with no deductions filed by spouses of taxpayers who itemized deductions (such spouses are denied the standard deduc tion); and returns with no adjusted gross income whether or not deductions are itemized. 24/ Contributions, reported on returns with itemized deductions, include each part ner's share of charitable contributions of partnerships, but cannot exceed 15 percent of the adjusted gross income. 25/ Interest, reported on returns with itemized deductions, is that paid on personal debts, bank loans, or mortgages, but excludes interest paid on business debts reported in schedules for business and rent income and interest on loans to buy tax-exempt securities, single-premium life insurance, or endowment contracts*. 26/ Taxes paid, reported on returns with itemized deductions, include personal property taxes, State income taxes, certain retail sales taxes, and real estate taxes except those levied for improvement which tend to increase the value of property. This deduc tion excludes Federal income taxes; estate, inheritance, legacy, succession and gift taxes; taxes on shares in a corporation which are paid by the corporation without reimburse ment from the taxpayer; taxes deducted in the schedules for business and rent income; income taxes paid to a foreign country or possession 50/ Net income reported on long-form returns, Form 1040, which have adjusted gross income in excess of itemized deductions. 51/ Net deficit, reported on nontaxable returns, Form 1040, classified as returns with itemized deductions, consists of adjusted gross deficit on short-form returns and the net deficit on long-form returns resulting from the combination of adjusted gross deficit and itemized deductions or from the excess of itenized deductions over the adjusted gross income. 52/ Nontaxable returns are those with no adjusted gross income and those with adjusted gross income which income when reduced by de ductions, standard or itemized, and exemptions, results in no tax liability. The 1,191,218 nontaxable returns with adjusted gross income and with itemized deductions include 42,776 returns with net deficit. 55/ The number of returns associated with this Item is subject to sampling variation of more than 100 percent. Such items are not shown separately since they are considered too unreliable for general use; however, they are included in totals. For description of sample, see pp. 5 and 4. 54/ Number of returns is subject to maximum sampling variation of 50 to 100 percent, depend ing on the number in the cell. For description of sample, see p p . 5 and 4. T-IR-DC - 3 - m m s u b je c t t o e s t a t e , in h e r it a n c e , g i f t o r o th e r e x c i s e t a x e s , w hether F e d e r a l o r S t a t e , b u t s h a l l be exempt from a l l t a x a t i o n now o r h e r e a f t e r im posed on th e p r i n c i p a l o r i n t e r e s t t h e r e o f by any S t a t e , o r any o f th e p o s s e s s i o n s o f th e U n ited S t a t e s , o r by any l o c a l t a x in g a u t h o r it y * Fo r p u r p o se s o f t a x a t i o n th e amount o f d isc o u n t a t which T re a su ry b i l l s a r e o r i g i n a l l y s o ld by th e U n ited S t a t e s s h a l l be c o n sid e re d to be i n t e r e s t * Under S e c t io n s bZ and 117 (a ) ( l ) o f th e I n t e r n a l Revenue Code, a s amended by S e c tio n 115 o f th e Revenue A ct o f 191*1, th e amount o f d isc o u n t a t w hich b i l l s is s u e d h ereu n d er a r e s o ld s h a l l n ot b e c o n sid e r e d to a c c ru e u n t i l such b i l l s s h a l l be s o l d , redeem ed o r o th e r w ise d is p o s e d o f , and such b i l l s a r e e x clu d ed from c o n s id e r a t io n a s c a p i t a l a s s e t s . in g ly , th e owner o f T re a su ry b i l l s (o th e r th a n l i f e A ccord in su ra n c e com panies) i s s u e d h ereu n d er need in c lu d e in h i s income t a x r e tu r n o n ly th e d if f e r e n c e betw een th e p r i c e p a id f o r such b i l l s , w hether on o r i g i n a l i s s u e o r on su b seq u en t p u r c h a se , and th e amount a c t u a l l y r e c e iv e d e i t h e r upon s a l e o r red em p tion a t m a tu r ity d u rin g th e t a x a b l e y e a r f o r which th e r e tu r n i s made, a s o r d in a r y g a in o r l o s s . T re a su r y D epartm ent C i r c u l a r No. U l8, a s amended, and t h i s n o t i c e , p r e s c r i b e th e term s o f th e T re a su r y b i l l s and govern th e c o n d itio n s o f th e ir is s u e . C o p ies o f th e c i r c u l a r may be o b ta in e d from any F e d e r a l R eserv e Bank o r B ran ch . dealers in investment securities. Tenders from others must be accompanied by payment of 2 percent of the face amount of Treasury bills applied for, unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour, tenders will be opened at the Federal Reserve Banks and Branches, following which public announcement will be made by the Secretary of the Treasury of the amount and price range of accepted bids. Those submitting tenders will be advised of the accept ance or rejection thereof. The Secretary of the Treasury expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be final. Subject to these reserva tions, non-competitive tenders for $200,000 or less without stated price from any one bidder will be accepted in full at the average price (in three decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Re serve Bank on January 22, 1953 * in cash or other immediately available r W ------- ----------funds or in a like face amount of Treasury bills maturing January 22, 1933 x S tk Cash and exchange tenders will receive equal treatment. Cash adjustments will be made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. The income derived from Treasury bills, whether interest or gain frpm the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special treatment, as such, under the Internal Revenue Code, or laws amendatory or supplementary thereto, The bills shall be TREASURY DEPARTMENT Washington FOR RELEASE, MORNING NEWSPAPERS, Tuesday, January 13, 1953 ■ The Secretary of the Treasury, by this public notice, invites tenders fcr $l«k00*9Q?«QQQ t c r thereabouts, of 91 -day Treasury bills, for cash and in exchange for Treasury bills maturing January 22, 1953 , in — ^gg.'4 m ' the amount of $ 1,1+01,5^8 *000 » to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of this series will be dated January 22, 1953 , and will mature iKx April 23^ 1953_____, when the face amount will be payable without in terest, They will be issued in bearer form only, and in denominations of $1,000, $5,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value). Tenders will be received at Federal Reserve Banks and Branches up to the closing hour, two o ’clock p.m., Eastern Standard time, Friday, January 16, 1953. Tenders will not be received at the Treasury Department, Washington, Each tender must be for an even multiple of $1,000, and in the case of competitive tenders the price offered must be expressed on the basis of 100, w i t h * not more than three decimals, e. g., 99,925. Fractions may not be used. It is urged that tenders be made on the printed forms and forwarded^p. the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than banking institutions will not be permitted to submit tenders except for their own account. Tenders will be received without deposit from incorporated banks and trust companies and from responsible and recognized TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C . 7.18 RELEASE MORNING NEWSPAPERS Tue sday* January 13-, 1953. S-3 2 9 1 The Secretary of thè Treasury* by'tills public notice invites tenders for $1*400*000*000* or thereabouts* of 91-clay Treasury bills* for cash and in exchange for Treasury bills maturing January 22* 1953> in the amount of $1*401*548*000* to be issued on a discount basis under competitive and non-competitive bidding as hereinafter provided. The bills of t h i s .series will be dated January 22* 19531 and will mature April' 23i 1953i when- the face amount will be payable without interest. They will be issued in bearer form, only* and. in denominations of $1 *000* $5*000* $10*000* $100*000* $500 *000* and $1*000*000 (maturity.value). , Tenders will be received a t .Federal Reserve Banks and Branches up to the closing hour* tw o - o ’clock p.m,* Eastern Standard time* Friday* January lb* 1953. Tenders will not be received at- the Treasury Department.* Washington . Each tender must be ;f or an even multiple of $1*000* and in the case of competitive tenders the price offered must be -.expressed on the basis of 100* with not more than three decimals* e. g-. * 99.925. Fractions may not be used. It is urged that tenders be made on the'printed forms and forwarded in the special envelopes which will be supplied by Federal Reserve Banks or Branches on application therefor. Others than-banking institutions will not be permitted to submit tenders except, for their own account. Tenders will be received without deposit from Incorporated banks and trust companies and from responsible^ and recognised dealers in investment securities.. Tenders from others must be accompanied by payment of 2 percent Of the face amount of Treasury'bills applied for* unless the tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company. Immediately after the closing hour* tenders will be opened at the Federal Reserve Banks and Branches* following which public announce ment will be made by the Secretary of the Treasury' of the amount and price range of accepted bids. Those submitting tenders will be advised of the acceptance or rejection thereof. The. Secretary of the ; Treasury expressly reserves the right to accept or reject any or all tenders* in whole or in part* and his action in any such respect shall be final. Subject to these reservations* non-competitive tenders for $200*000 or less without stated price from any one bidder will be accepted in full at the average price (in three - 2 - decimals) of accepted competitive bids. Settlement for accepted tenders in accordance with the bids must be made or completed at the Federal Reserve Bank on January 1953/ in cash or other immediately available funds or in a dike face amount of Treasury bills maturing January 1953. Cash and Exchange tenders will receive equal treatment. Cash adjustments will bp made for differences between the par value of maturing bills accepted in exchange and the issue price of the new bills. 22, .22, The income derived from Treasury bills, whether interest or gain from the sale or other disposition of the bills, shall not have any exemption, as such, and loss from the sale or other disposition of Treasury bills shall not have any special "treatment,., as such, under the Internal Revenue' Code, or laws amendatory or supplementary thereto. The bills shall be subject to estate, inheritance, gift or other excise taxes, whether Federal or State, but shall be exempt from all taxation now or hereafter imposed on the principal or interest thereof by any State, or any of the possessions of the United States, or by any local taxing authority.. For purposes of taxation the.amount of discount at which Treasury bills are originally sold by the United States shall be considered to be interest. Under Sections 42 and 117 (a) (l) of the Internal Revenue Code, as amended by Section 115 of the Revenue Act of 1941, the amount of discount at which bills issued hereunder are. sold shall not be considered to accrue until such bills shall be sold, redeemed or otherwise disposed of, and such bills are excluded from consideration as capital assets. Accordingly, the owner of Treasury bills (other than life insurance companies) issued hereunder need^ include in his income tax return only the difference between the price paid for such bills, whether on original issue or on subsequent purchase, and the amount actually received either upon sale or redemption at maturity during the taxable year for which the return is made, as ordinary gain or loss. Treasury Department Circular No. 4l8, as amended, and this notice, prescribe the terms of the Treasury bills and govern the conditions of their issue. Copies of the circular may be obtained from any Federal Reserve Bank or Branch. oOo - Ì 0 & IMMEDIATE RELEASE, J.anuAryN3i^|Jie53_____ The? B ureau o f Custom s a im o u n c e < ^ ^ < ^ ^ j^ ^ l^ .]g iig ^ ry f i g u r e s showing th e t i t i e s o f w heat and w heat f l o u r /E n te r e d , o r w ithdraw n from w areh o u se, f o r consum ption under th e im p o rt q u o ta s e s t a b l i s h e d i n th e P r e s i d e n t ’ s p ro cla m atio n o f May 2 8 , 191*1* a s m o d ifie d b y th e P r e s i d e n t ’ s p ro c la m a tio n o f A p r il 1 3 , 19l*2, f o r th e 12 months commencing May 29* 1 9 5 2 , a s f o ll o w s : Wheat Country of Origin EstablishedT s Imports Quota :May 29, 1952, to : January ld> 1953 (Bushels) (Bushels) Canada China Hungary Hong Kong Japan Uni ted Kingdom Australia Germany Syria New Zealand Chile Netherlands Argentina Italy Cuba France Greece Mexico Panama Uruguay Poland and Danzig Sweden Yugoslavia Norway Canary Islands Rumania Guatemala Brazil Union of Soviet Socialist R e p u b l i c s Belgium 794,576 - 795,000 - mm - — 100 100 *100 75,000 ** - 5,000 5,000 mm - «* 1,000 - 100 - ' mm MM» 4M m m mm 0 — - mm mm - mm - mm - mm - ** - 1,000 100 100 100 100 BUUjUOO 13,000 m m mm - - 3,81^,000 2k *000 13*000, 8,000' - 100 2,000 100 * Wheat flour, semolina., crushed or cracked wheat, and similar wheat products Established : Imports Quota : May 29, 1952 • t to January li*j (Pounds) (Pounds) 1,000 1,0001,000 1,000 H i, OCX) 2,000 12,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,219,126 MM» • - m m 44 m ■ - +m m m m m m m m **• m m m m m m m mm m mm mm mm - mm mm — mm mm — -#• - mm mm m 794,576 4 ,000,000 1 ,219,170 ■ 720 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Friday, January 16, 1953 S-3292 The Bureau of Customs announced today preliminary figures showing the quantities of wheat and wheat flour authorized to be entered, or withdrawn from warehouse, for consumption under the import quotas established in the President’s proclamation of May 28, 19Ul, as modified by the President’s proclamation of April 13* 19U2, for the 12 months commencing May 29, 1952, as follows: Wheat Country of Origin Established : Imports Quota :May 29, 1952, to :January 111, 1953 Canada China Hungary Hong Kong Japan United Kingdom Australia Germany Syria Mew Zealand Chile Netherlands Argentina Italy Cuba France Greece Mexico Panama Uruguay Poland and Danzig Sweden Yugoslavia Norway Canary Islands Rumania Guatemala Brazil Union of Soviet Socialist Republics Belgium Wheat flour, semolina, crushed or cracked wheat, and similar wheat products Established Imports Quota ¡May 29, 1952, to j January Ik, 1953 (Bushels) (Eushels) (Pounds) (Pounds) 7 9 5 ,0 0 0 - 79k,576 3,815,000 ait,000 13,000 13,000 8,000 75,000 1,000 5 ,0 0 0 5 ,0 0 0 1,000 1,000 1 ,0 0 0 114,000 2,000 12,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 _ 1,219,126 * - 100 100 100 - - - - - - - 100 2,000 100 1,000 100 - - - - - - - - ” - - - - ** 1,000 100 100 — » f- hb mm mm - mm - mm - mm 100 100 • - mm - - 8 0 0 ,0 0 0 7 9 ^ ,5 7 6 - , h 0 0 0 ,0 0 0 1,219,170 4 J /i yt- *?/ ' • ^ i ^ t r v#t-‘-/ /&&**** «** ■a•L2 */*»«'"'*» f' .«J? IMMEDIATE RELEASE January ^ 4, 1953 it The Bureau o f Customs announced to d a y p r e lim in a r y f i g u r e s showing th e im p o rts f o r consum ption o f com m odities on which q u o ta s were p r e s c r i b e d by th e P h ilip p in e T rade A ct o f 19U6, from Ja n u a ry 1, 1952, to December 31, 19^2, in c lu s iv e , a s fo llo w s: products of the Philippines i : 1 # * Established Quota Quantity Imports as of December 31, 1952 *• # # ••n # Buttons # .......... : : Unit of s Quantity 8 ^0 , 0 0 0 Gross 751*,2l*9 Cigars 20 0 ,0 0 0 ,0 0 0 Number Coconut Oil • • • • • UU8,000,000 Pound 119,21*6,953 Cordage ............ 6 ,0 0 0 ,0 0 0 Pound 1*,505,399 RlC 8 # # • • • • • # # i,o U o ,o o o Pound 150 l,90li,000,000 Pound (Refined 1,902,797 . • • Sugars 1,61*7,927,728 (Unrefined . . Tobacco • • • • • • • 6, 500,000 Pound 3,350,953 TREASURY DEPARTMENT Y/ashington IMMEDIATE RELEASE Friday, January 16, 1953 S-3293 The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities on which quotas were prescribed by the Philippine Trade Act of 19lr6, from January 1, 1952, to December 31, 1952, inclu sive, as follows: • Products of the Philippines ; : • Established Quota Quantity • • Unit of j Imports as of • Quantity : December 31* 1952 5 j • • Buttons......... .. • • 850,000 « Gross 7$b,2k9 Cigars............... 200,000,000 Number Coconut Oil.*...... . UU8,000,000 Pound 119,21*6,953 Cordage.............. 6,000,000 Pound 1*,505,399 Rice..... ........... 1,0!|0,000 Pound 150 l,90ii,000,000 Pound 1,902,797 (Refined..... Sugars (Unrefined..• Tobacco. •••••••.... . 1,61*7,927,728 6 ,500,000 Pound 3,350,953 IMMEDIATE RELEASE January 1953 ¡ Ut 4he Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities within tariff-rate quota limitations from the be ginning of the quota periods to December 31* 1952, inclusive* as follows t Commodity period and Quantity Unit of Quantity V Whole milk, fresh or.** * ( j - r * * sour...... .......... Calendar year Cream................ 3,000,000 Gallon 23,UlU 1,500,000 Gallon 1,126 50, 000,000 Pound 2,61*9 31,1*72,108 Pound Quota Filled 150, 000,000 7 9 8 ,9 0 a, 000 Pound Pound 38,016,01*6 5, 000,000 Pound Quota Filled 2,956,81*1,91*9 930,857,651 Gallon Gallon Quota Filled Quota Filled 1,090,11*8,800 Gallon Quota Filled Calendar year Nov* 1 , Inports as of December 31, 1952 19?2^ Butter March 31* 1953 Fish, fresh or frozen, filleted, etc,, cod, haddock, hake, pollock, cusk, and rosefish .... Calendar year White or Irish potatoesr certified seed «••••••• other. •........ . 12 months from Sept* 15* 1952 Walnuts..... •...... •• Calendar year Petroleum and petroleum products...... Almonds : shelled prepared Calendar year Venezuela Netherlands Other Countries 1 , 796, 1*08 12 months from 7 ,0 0 0 ,0 0 0 October 1, 1952 60, 579,905 Pound 218,386 TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Friday» January 1 6 , 1953 724 S-329U The Bureau of Customs announced today preliminary figures showing the imports for consumption of commodities within tariff-rate quota limitations from the be ginning of the quota periods to December 31* 1952, inclusive, as follows: Commodity Whole milk, fresh or sour*............... Period and Quantity Unit of Quantity Imports as of December 31, 1952 Cream.......e......c...... Calendar year 1 ,500,000 Gallon 1 ,12 6 5 0 ,000,000 Pound 2,6lt9 0 _ ro t 2 3 ,m u Vh-1 1i VO VJT. Gallon ^«4 3 ,000,000 <S , Calendar year Butter March 31, 1953 Fish, fresh or frozen, filleted, etc., cod, haddock, hake, pollock, cusk, and rosefish.... . Calendar year .31, ¡472,108 Pound Quota Filled White or Irish potatoes: certified seed........ . other « ......... 12 months from Sept. 15, 1952 1 5 0 ,000,000 798,900,000 Pound Pound 60 ,579,90 5 3 8 ,016,046 Walnuts Calendar year 5 ,000,000 Pound Quota Filled Calendar year Venezuela Netherlands Other countries 2,?56,8Ul,9U9 930,857,651 Gallon Gallon Quota Filled Quota Filled 1,090,1)|8,800 Gallon Quota Filled Petroleum and petroleum products................ Almonds : shelled,.......... . 12 months from 1,796,1(08 7,000,000 prepared...... ......... October 1, 1952 Pound 218,386 - 2 - COTTON WASTES (in pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes'made from cottons of 1-3/16 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy: Country of Origin Established : TOTAL QUOTA United Kingdom ........ Canada ............. France ................. British India .....-•.... Netherlands ............ Switzerland ............ Belgium ................ Japan .*................ China .................. Egypt ................ . C u b a ..... ............. Germany ................ I t a l y ......... ........ Imports 1/ : Established : : Total imports Sept. 20, 1952* 33-1/3* of : : Sept. 20, 1952# to : * : Total Quota : to January 14* 1953 • January 14# 1953 4,323,457 239,690 227,420 69,627 68,240 44,388 38,559 341,535 17,322 8,135 6,544 76,329 21,263 607 211*091 13,111 6.430 25,443 7,088 5,482,509 280,972 1 ,599,886 1/ Included in total imports, column 2. Prepared by the Bureau of Customs 8,964 15,715 m1 mm «* 1,441,152 75,807 22,747 14,796 12,853 - m m 13*111 m 15,7x5 • m am m m 25,054 m - mm mm 25,054 6,430 ______ 60»31q ________ LDNaWÆtiVdHCr ahqstoiæ Cotton under 1-1/8 inches other than rough or harsh under Imports Sept. 20. 1952« to January 14. 1953« inclusive Country of Origin Established Quota Egypt and the AngloEgyptian Sudan .... Peru .... . British India ...... China .............. Mexico ......... . Brazil ......... . Union of Soviet Socialist Republics Argentina .......... Haiti ............... Ecuador ............. 783,816 247,952 2,003,483 1,370,791 8,883,239 618,723 475,124 5,203 237 9,333 Imports 587 m 5,972,663 •e 1,382 Country of Origin 3/Un Established Quota Honduras ............. Paraguay ...... ....... Colombia .................. Iraq ....... i.... . British East Africa ... Netherlands E. Indies Barbados .. i ...... . l/Other British W. Indies Nigeria . . . t .......... 2/0ther British W. Africa ¿/Other French Africa ... Algeria and Tunisia ... Imports 752 871 124 195 2,240 71,388 21,321 5,377 16,004 689 - 1/ Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. 2/ Other than Gold Coast and Nigeria. 2J Other than Algeria, Tunisia, and Madagascar. Cotton, harsh or rough, of less than 3/4” Imports Sept. 20. 1952« to January 3» 1953 Cotton 1-1/8* or more, but less than 1-11/16* Imports Feb. 1. 1952« to January 12, 1953 Established Quota (Global) Established Quota (Global) 70,000,000 Imports 3,397,639 45,656,420 Imports Quota Filled **jfr m mm mm fit» «n m» mm «£» g-svaisra sxviamni TREASURY DEPARTMENT Washington IMMEDIATE RELEASE Erlday, January l6, 1955 s—ypnc I Preliminary data on imports for consumption of cotton and cotton waste chargeable to the quotas established by the President's Proclamation of September 5 , 1939 , as amended COTTON (other than 1inters) (in pounds) Cotton under 1-1/8 inches other than rough or harsh under 3 /4» Imports September 20, 19*2. to January 14. 195^. inclusive Country of Origin Established Quota Egypt and the Angloigyptian Sudan...... Peru................. British India........ China................ Mexico............... Brasil...... ........ Union of Soviet Socialist Republics* Argentina............ Haiti............... . Ecuador.............. 1/ 2/ À/ 783,816 2U7.952 2 ,003 ,1:33 ■} 770 V/Cy-*il 8 ,883,259 618,723 475,124 5,203 Imports Established Quota Imports 752 871 124 195 2,240 71,388 - Honduras Paraguay...... ....... 587 5 ,972,663 1 ,38 2 -J ( 9,333 Country of Origin — Iraq......... ....... British East Africa.... Netherlands E. Indies.. —* 2 1 ,3 2 1 1/Other British V. Indies Nigeria......... . 2/0ther British W. Africa ¿/Other Prench Africa...• Algeria and Tunisia... • 5,377 - 16,004 689 — Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago. Other than Cold Coast and Nigeria* Other than Algeria, Tunisia, and Madagascar. Cotton, harsh or rough, of less than 3/4" Imports Sept. 20 , 19>2 , to January 3» 1953 Established Quota (Global) 70,000,000 Imports 3,397,639 Cotton 1-1/8" or more, but less than 1-11/16" Imports Eeb. 1 , 1952, to January 12 , 1953 Established Quota (Global) Imports 45,656,420 Qpota Pilled ' 727 2 COTTON WASTES (In pounds) COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that not more than 33-1/3 percent of the quotas shall be filled by cotton wastes other than comber wastes made from cottons of 1 -3 /1 6 inches or more in staple length in the case of the following countries: United Kingdom, France, Netherlands, Switzerland, Belgium, Germany, and Italy: Country of Origin Established : TOTAL QUOTA United Kingdom.... . ..* Canada............. France............. British India.......... Netherlands Switzerland Belgium......... . Japan....... .......... China.................. Egypt................. Cuba. .....•••••..... . Germany................ itsly l/ 1*,323,1*57 239,690 227,U20 69,627 68,21*0 U*,388 38,559 31*1,535 17,322 8,135 Total imports : Sept. 20, 19^2, to : January lU, 1993 s 607 211,091 13,111 8,961* 1 5 ,7 1 5 76,329 21,263 25,051* 6 ,1*30 5,1*82,509 280,972 6} 5hh In c lu d e d i n t o t a l im p o r ts , column 2 * P re p ared by th e Bureau o f Customs Established 33-1/356 of Total Quota 1,1*1*1,152 75,807 22 ,71*7 11*,796 12,853 -' — — 25,1*1*3 Imports 1/ Sept. 20, 1992, to January ll*, 1993 — — 13,111 — 19,719 — — ** — — 25 ,051* 7,088 6,1*30 1,599,886 60,310 TR EA SU R Y D EPARTM EN T Information Service Wa s h i n g t o n , d .c 32- RELEASE MORNING NEWSPAPERS, During the month o f "Novembepy 1952 market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of 4 ^=5=5=6967^^7 Secretary Snyder announced today. 0 O0 . 729 RELEASE MORNING NEWSPAPERS, Monday, January 19, 1953. During the month of December, S-3296 1952 market transactions in direct and guaranteed securities of the Government for Treasury investment and other accounts resulted in net purchases of $8,238,200.00, Secretary Snyder announced today. 0O0 V --"J / RELEASE MO&KBiG SESSPAFERS* Saturday, January 17, 1953» The secretary of the Treasury announced last evening that the tenders for §1,1*00,000,000, or thereabouts, of 91-day Treasury bills to be dated January 22 and to mature April 23, 1953, which were offered on January 13, v&re opened at the Federal Reserve Banks on January 16, The details of this issue are as followss Total applied for - $2,127,31*0*000 Total accepted - 1,1*00,603,000 Average price (includes $21*0,13?,000 entered on a non-eompetitiva basis and accepted in full at the average price shown below) Equivalent rate of discount approx, 2.097$ P®r annua - 99 Range of accepted competitive bidet High - 99,520 Equivalent rate of discount approx. 1.899$ per annum Lear - 99.1*61 * » « * * 2,120$ » (52 percent of the amount bid for at the low price was accepted) Federal Reserve District Total Applied for Boston Hew fork Philadelphia Cleveland Richmond Atlanta Chicago St, Louis Minneapolis Kansas City Dallas San Francisco 1 TOTAL 3 ^ ,8 6 0 ,0 0 0 1,1*8 6 ,1 2 2 ,0 0 0 3 6 ,1 2 6 ,0 0 0 6 3 .9 3 8 .0 0 0 1 6 .6 8 8 .0 0 0 2 1 .3 5 8 .0 0 0 21*3,767,000 5 2 .5 8 8 .0 0 0 10,571*, 000 ia,85o,ooo 53,21*1*,ooo 6 5 ,2 2 5 ,0 0 0 *2 ,1 2 7 ,3 1 *0 ,0 0 0 Total Accepted i 29,9 l»0 ,0 0 0 8 5 6 .7 7 6 .0 0 0 17,61*6,000 61,1*2*2,000 11*, 11*8,000 2 0 ,5 5 8 ,0 0 0 1 9 1 .8 8 7 .0 0 0 1*7,338,000 10,571*. ooo 3 6 .6 9 5 .0 0 0 50,591*, ooo 63. 005.000 11,1*00,603,000 « TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C . RELEASE MORNING NEWSPAPERS, Saturday, January 17.1953. S-3297 The Secretary of the Treasury announced last evening that the tenders for $1,400,000,000, or thereabouts, of 91-day Treasury bills to be dated January 22 and to mature April 23* 1953* which were offered on January 13* were opened at the Federal Reserve Banks on January 16. The details of this issue are as follows: Total applied for - $2*127,340,000 Total accepted - 1,400,603*000 (includes $240*139*000 entered on a non-competitive basis and accepted in full at the average price shQwn below) Average price - 99.470 Equivalent rate of discount approx. 2.097$ per annum Range of accepted competitive bids: High 99.520 Equivalent rate of discount approx, 1.899$ per annum 99.464 Equivalent rate of discount approx, 2 . 120$ per annum Low (52 percent of the amount bid for at the low price was accepted) Federal Reserve District Boston New York Philadelphia Cleveland Richmond Atlanta Chicago S t . Louis Minneapolis Kansas City Dallas San Francisco Total Applied for $ TOTAL 3 5 , 8 6 0 ,0 0 0 1,486,122,000 36 .126.000 63 .938.000 16 .688.000 21 .358.000 243 ,767,000 52 .588.000 10 .574.000 41 .850.000 53.244.000 Total Accepted $ 29,940,000 8 5 6 .7 7 6 . 0 0 0 17.646.000 61.442.000 14.148.000 20.558.000 191.887.000 65.225.000 47.338.000 10.574.000 36.695.000 50.594.000 63.005.000 $2,127,340,000 $1,400,603,000 — X broadcast radio warnings of the operations of the gang. The Export-Import Bank of Washington has collection, remittance and money-transfer relationships with a number of banks in New York and elsewhere, but in no instance/ does the Export-Import Bank disburse funds from these accounts. The Export-Impofct Bank Act of 1945 created the Export-Import Bank of Washington as an independent agency of the United States of 9 It does a general banking business within specific limitations. Its capita 1 of one billi^i dollars was subscribed by the United States through the Secretary o f t h e Treasury. Agency banks^have been notified of this fraud, as it is expected that the forgers have as u p p l y Of printedr ehEek: blaitfc checks which they will try to negotiate for large sums in other European cities. ■ The..single check for #20,000 was drawn November 5, 1952, payable to the order of one Luis Penalver Sanz, and carried the m m endorsement . . u , TJ_ _ . , As in the case of the other checks, of Kuaz & Weyeneth Bankers, Ltd., Zurich. ^Payment was refused by the Bank of the Manhattan Company because the signatures were unknown and there was no authority to ray O has been thrown across Europe to trap a gang of forgers i M n a whose bold maneuvers ikXVwA'ifc* \ have netted them zam ky $60,000 through the fraudulent negotiation 1^ w An international police dragnet & - ^ of 12 bogus checks purporting to be drawn on the Export-Import Bank of Washington, according to U. E* Baughman* Chief of the U. S. Secret Service. The checks ranged in amount from $1,000 to $20,000 and were «Me cashed in Switzerland, Spain, Portugal, Chief Baughman said. Germany and The cheeks carry the printed heading, »EXPORT-IMPORT BANK OF WASHINGTON, Washington 25, D. C*". The line for the name of the payee is prefixed by the printed script words, "Pay to the 9KL Order of (duplicate unpaid)". Printed titles of the ate officials purporting to sign the checks are shown as "Manager" and »Acceuntant,M but the signatures above the titles are undecipherable. In the lower lei% corner of each check is the printed inscription, "Bank of the Manhattan Co. 40 Wall Street, New York, N. I. Lit Moore Bros." numbered N 24668, The first check to appear was/dated August 12, 1952^a*d / 7 wasTpayable to "Charles J. Fielding," for $4,800. It bore an A ^endorsement of the Credit Suisse, Basle, to the Baric of the Manhattan Company. ir The 12 eheek^ reeeived .to date total ,$56,300. 7 ^ ^ s* * * r The Secret Service promptly raquM&ea an investigation by ^ - j / ^ the Treasury Represent st ive stationed in Paris , and kb ii^MWpgaaaA^Mini rpeUcerto'S^^erlaaad.'saad other European countries hxxxksxst are making intensi^ u e s f f c tlua» to track down the forgers. The International Criminal Police Commission! Paris(TlnterpolTTV"of which the Treasury Department is a member, has notified its representatives t h r o u g h o u t ^ u r o p e _ a ^ _ ^ TR EA SU R Y D EPARTM EN T Information Service WASHINGTON, D .C . 734 IMMEDIATE RELEASE, Friday, January io, 1953* S-3298 An international police dragnet has been thrown a,cross Europe to trap a gang of forgers whose bold maneuvers may have netted them as much as $60,000 through the fraudulent negotiation of 12 bogus checks purporting to be drawn on the Export-inport Bank of Washington, according to U, E. Baughman, Chief of the U*S* Seciet Service. The checks ranged in amount from $1,000 to $20,000 and were cashed in Switzerland, Spain, Germany and Portugal, said. The checks carry the printed heading, EXPORT-IMPORT BANK OF WASHINGTON, Washington 2 5 , D . C.". The line f o r the name of the payee is prefixed by the printed script words, Pay to the Order of (duplicate unpaid)“ . Printed titles of th e tofficials purporting to sign the checks are shown as Manager and Accountant, but the signatures above the titles are undecipherable. In the lo^er leit corner of each check is the printed inscription. Bank of Manhattan Co. 40 Wall Street, New York, N. Y. Lit Moore Bros. then The first check to appear was numbered N 24668, and was dated August 12, 1952. It was made payable to Charles J. Fielding, for $4,800. It bore an endorsement of the Credit Suisse, Basle, to the Bank of the Manhattan Company. The 12 checks received to date total $58,300. They were turned over to the U.S. Secret Service after being sent to New York banks for clearance. The Secret Service promptly requested an investigation by the Treasury Representative stationed in Paris, and police in Swi gerland and other European countries are making intensive efforts to track down the forgers. The International Criminal Police Commission, (Interpol), Paris, of which the Treasury Department is a member, has notified its representatives throughout Europe and has broadcast radio warnings of the operations of the gang. The Export-Import Bank of Washington has collection, remittance and money-transfer relationships with a number of banks in New York and elsewhere, but in no instance does the Export-Import Bank disburse funds from these accounts. 735 - 2 - The Export-Import Bank Act of 19^-5 created the Export-Import Bank of Washington as an independent agency of the United States of America. It does a general banking business within specific limitations. Its capital of one billion dollars was subscribed by the United States through the Secretary of the Treasury. Agency banks of the Export-Import Bank have been notified of this fraud, as it is expected that the forgers have a supply of printed blank checks which they will try to negotiate for large sums in other European cities. A check for $20,000 was drawn November 5.» 1952, payable to the order of one Luis Penalver Sanz, and carried the endorsement of Kunz & Weyeneth Bankers, Ltd., Zurich. As in the case of the other checks, payment was refused by the Bank of the Manhattan Company because the signatures were unknown and there was no authority to pay them. oOo